Ingka Group to invest US$8.13b for renewable energy transition

The company adds US$1.08b of investments for the transition to renewable energy.

Leading IKEA retailer Ingka Group, through Ingka Investments, added US$1.08b (EUR 1b) of investments for the innovation and transitional technologies of renewable energy, bringing its total energy commitment to $8.13b (EUR 7.5b) by 2030.

The company previously devoted $4.34b (EUR 4b) in production, elevating the company into a mid-size renewable energy production company.

The US$1.08b investment will prompt a wider energy transition towards a renewable future and a phase-out of fossil fuels, as well as transitional technologies for energy storage, hydrogen as an energy carrier, green fuels and chemicals, early-stage project developments, giga project investment, and value chain.

ALSO READ: AboitizPower, JBIC ink deal for energy transition cooperation

“This, combined with our new commitment of 1 BEUR for innovation and transformation, means we are proud to say we are on our way to becoming a major powerhouse in renewable energy,” Jesper Brodin, CEO of Ingka Group, stated.

Currently, Ingka Group has operated 593 wind turbines, 26 solar parks in 18 countries, producing 4 TWh for 1.25 million European households. Overall, its 59 assets hold a capacity of 2,254 MW, covering 12 solar parks, 44 wind farms, one offshore wind project, and one grid project.

Alongside the $1.08b investment, Ingka Group has also set a new Swedish next-generation offshore wind project.

1 USD = EUR 0.92

Also Read

Is Santos' proposed Bayu-Undan CCS project a Pipe Dream?

Vietnam eyes eliminating 358.7 million tonnes of greenhouse gas emissions

Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

I want to download the media kit

Top News

India’s Rajasthan and Gujarat need policy reforms to fuel RE transition

Some steps they could take are implementing green tariffs and setting infrastructure funds.

16 hours ago

Global clean energy tech market to hit $2t by 2035

This is fuelled by investments as countries aim to enhance energy security.The global clean energy technology market is projected to grow from $700b in 2023 to over $2t by 2035, nearing the scale of the crude oil market, according to the International Energy Agency (IEA).This growth is fuelled by significant investments in clean technology manufacturing as countries aim to enhance energy security, maintain economic competitiveness, and cut emissions. Investment is concentrated in regions with established positions in clean energy, particularly China, the European Union, the UK, and increasingly, India.Whilst the US, EU, and India have taken measures to support their clean energy sectors, China is expected to remain the world's manufacturing hub. By 2035, China's clean technology exports are forecasted to exceed $340b—comparable to projected oil export revenues from Saudi Arabia and the UAE.Southeast Asia, Latin America, and Africa contribute less than 5% of global cleantech production value, yet the IEA suggests that these areas still hold opportunities within the clean energy economy. Developing economies, for instance, could leverage competitive advantages to advance in the value chain beyond resource extraction.The IEA said Southeast Asia could become one of the most cost-effective regions for producing polysilicon and wafers for solar panels over the next decade.

16 hours ago

NSW OKs Liverpool Range Wind Farm expansion