Ingka Investments Enters Indian Solar Market with 210 MW Rajasthan Project

Ingka Investments, the investment division of Ingka Group and one of the world’s largest IKEA retailers, has made its maiden utility-scale renewable energy investment in India by acquiring a 210 MWp ready-to-build solar project in Rajasthan from ib vogt. 

This acquisition is in line with the group’s commitment to sourcing 100% of its energy needs from renewable sources by 2030. 

Project Overview and Energy Output

ib vogt managed all aspects of securing land, feasibility analysis, and completing regulatory formalities for the Rajasthan Solar Plant. The company will handle both construction and the first three years of operational management. 

Once operational, the installation is projected to deliver about 380 GWh of clean electricity annually. As per the official statement, this will surpass the energy requirements of Ingka Group’s retail, shopping centre, and distribution facilities across India.​

Andreas Schell, CEO of ib vogt, stated, “We are proud to support Ingka Investments on their first utility-scale renewable energy project in India. This transaction advances sustainability goals while delivering strong economic value through clean energy. With our proven track record, high engineering standards, and trusted suppliers, the project represents a low-risk, long-term investment. India is one of Asia’s most dynamic renewable energy markets, and this partnership reflects our commitment to delivering high-quality, large-scale projects with lasting environmental and economic impact.”

Parish Gupta, Regional Director for ib vogt Solar India, said, “We are delighted with this transaction. It underscores ib vogt’s sophisticated development capabilities and global execution standards. What sets ib vogt apart is our experienced local development teams and established partnerships, combined with governance rigour comparable to the world’s leading renewable energy platforms. This milestone reinforces our position as a trusted partner for large-scale renewable energy investments in India.”

Frederik de Jong, who heads Renewable Energy at Ingka Investments, commented, “This is a milestone acquisition for us; it marks the first renewable energy investment for Ingka Investments in India, a country of utmost importance both for IKEA retail and the IKEA supply chain. The new solar project in India will produce 380 GWh of renewable energy annually—more than enough to power our growing retail, shopping centre, and distribution operations. It’s a big step in making our retail business in India more sustainable, efficient, and future-ready.”

This initiative is part of Ingka Group’s broader decarbonization strategy, which targets net-zero emissions by 2050 and a halving of value chain emissions by 2030 as compared to 2016. 

The group has invested billions of euros in global renewable energy assets. The company insists that India is a strategic priority within its expansion plan. Ernst & Young LLP served as the exclusive M&A adviser to ib vogt, with Saraf & Partners and Emerald Law Offices providing legal counsel in the transaction.