IKEA Group's Ingka Investments Signs First Renewable Deal In India

ib vogt, an international leading utility-scale renewable energy development  platform, and Ingka Investments, the investment arm of Ingka Group, have  successfully completed a transaction for the sale and purchase of a 210 MWp  ready-to-build solar project in Rajasthan, India. The project marks Ingka  Investments’ first utility-scale renewable energy investment in India and supports Ingka Group’s commitment to power all its operations with 100  percent renewable energy by 2030. 

ib vogt secured the land, completed feasibility and design work, and obtained  all necessary grid connectivity and regulatory approvals for the project. The  company will oversee construction and provide operations management for  the first three years. Once operational, the 210 MWp solar installation is  expected to generate approximately 380 GWh of renewable electricity  annually, providing more than enough clean energy to power Ingka Group’s  expanding retail, distribution, and shopping centre operations across India through Ikea India.

ib vogt operates across 32 countries and maintains a global development  pipeline of more than 37.5 GWp of solar projects and over 9.4 GWp of battery  energy storage system (BESS) projects. The company has successfully  monetised more than 1 GWp of fully developed projects to leading Indian  independent power producers.

Andreas Schell, CEO of ib vogt, said:  “We are proud to support Ingka Investments on their first utility-scale  renewable energy project in India. 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, ib vogt Solar India, commented: “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, Head of Renewable Energy at Ingka Investments, said: “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.”