Netherlands-based Ingka Makes First Renewable Energy Investment in India

Netherlands-based Ingka Investments, as a part of its Rs. 10 Bn renewable energy commitment to India, has recently launched its first renewable energy project. The company said in a press release that the 210 MWp solar installation located in Bikaner, Rajasthan, is the company’s first renewable investment in the country. 

Ingka Investments, the investment arm of Ingka Group, the largest IKEA retailer, plans to make a 100% stake investment in a subsidy-free 210 MWp solar project in Bikaner, Rajasthan. The solar project has reached ready-to-build status, and construction will start shortly. The start of operations is scheduled for December 2026. The total expected production is 380 GWh per year. 

Investment Plans in India

As part of a global commitment, the company commits to invest EUR 7.5 billion to support 100% renewable energy consumption across the value chain and beyond by 2030. Moreover, Ingka Investments has invested and committed EUR 4.2 billion into renewable energy projects in wind and solar power worldwide. 

In India, Ingka Investments is working with German-based IB Vogt, an integrated large-scale solar PV developer with a strong presence in India, and is developing, constructing, and operating various large-scale RE projects across India.

IB Vogt Solar India will also be the partner for construction and the first three years of operations. The construction and operations of the solar project will provide significant local employment, estimated at around 450 people during construction and 10 to 15 during operations.

Leadership View

On the latest announcement, some top leaders of the company said;

Frederik de Jong, Head of Renewable Energy at Ingka Investments, says: “This is a milestone acquisition for us – it marks the first renewable energy investment for Ingka Investments in India – a country of outmost 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.” 

Patrik Antoni, CEO, IKEA India shared, “At IKEA, sustainability is at the heart of everything we do. Over the past eight years, we've invested in making our retail journey more sustainable. Designed with energy efficiency at the core, two of our large-format stores (Bangalore and Navi Mumbai) are LEED Gold certified, and we are working towards Platinum certification in Gurugram and Noida. As a founding member of RE100, we are on track to power our operations with 100% renewable energy by 2025. We're also proud of our 100% zero-emission EV deliveries in key cities and are committed to expanding this across all future markets. With EV charging stations in our stores and energy-saving solutions for our customers, and now also an investment in a solar project, we’re inspiring positive change and contributing to a cleaner, more sustainable future for India."