, Europe
Photo from Ingka Group

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 withour new commitment of 1 BEUR forinnovation 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

Join Asian Power community
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!

Exclusives

Trump 2.0 could thump India's solar ambition
Its solar companies may need to set up manufacturing plants in the US to bypass tariffs. 
Indonesia told to tap communities in clean energy transition
Solar and wind power managed by villages could generate 96 million jobs over 25 years.