Ingka Investments, the investment arm of Ingka Group-the largest IKEA retailer-has acquired a 100% stake in a subsidy-free 210 MWp solar project in Bikaner, India.
According to a company statement on Friday, the project is now ready for construction, which is expected to begin shortly. Operations are scheduled to start in December 2026, with an anticipated annual generation of 380 GWh.
Frederik de Jong, Head of Renewable Energy at Ingka Investments, said, “This acquisition is a milestone for us, marking our first renewable energy investment in India—a country of critical importance to both IKEA retail and its supply chain. The new solar project will generate 380 GWh of renewable energy annually, sufficient to power our expanding retail, shopping centre, and distribution operations. It’s a significant step toward making our retail business in India more sustainable, efficient, and future-ready.”
As part of a global initiative, Ingka Group has committed EUR 7.5 billion to achieve 100% renewable energy consumption across its value chain by 2030. Globally, Ingka Investments has invested and committed EUR 4.2 billion in wind and solar projects.
In India, Ingka Investments is partnering with ib vogt, a Germany-based integrated large-scale solar PV developer with a strong presence in India, which will handle the development, construction, and operation of the project. ib vogt Solar India will also manage construction and the first three years of operations. The project is expected to create around 450 local jobs during construction and 10–15 positions during operations.
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 per cent 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,” Antoni added.
As a global business operating in 31 countries, Ingka Group is committed to the Paris Agreement and to contribute to limiting the global temperature rise to 1.5°C. In November 2023, the company strengthened its climate targets in alignment with the Science Based Targets initiative (SBTi) Corporate Net-Zero Standard.
The targets were approved by SBTi in April 2024 and include a commitment to reduce absolute greenhouse gas emissions from the value chain by at least 50 per cent by FY30 (compared to FY16 baseline) and reach net zero emissions by 2050, without relying on carbon offsets to meet these absolute reduction targets. ( with Inputs from ANI)
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