Ingka Investments, the investment arm of Ingka Group — the largest IKEA retailer — has made its first renewable energy investment in India through the launch of a 210 megawatt-peak (MWp) solar installation in Bikaner, Rajasthan. The project forms part of the company’s INR 10 billion (EUR 97.5 million) renewable energy commitment to India and supports its goal of achieving 100 percent renewable energy use across its value chain by 2030.
According to a press release issued by Ingka Investments, the company has acquired a 100 percent stake in the subsidy-free solar project, which has reached ready-to-build status. Construction is expected to begin shortly, with commercial operations scheduled for December 2026. The installation is projected to generate 380 gigawatt-hours (GWh) of electricity annually.
“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,” said Frederik de Jong, Head of Renewable Energy at Ingka Investments. “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,” he said.
Ingka Investments is collaborating with ib vogt, an integrated solar photovoltaic (PV) developer headquartered in Germany with a strong presence in India. ib vogt Solar India will act as the partner for construction and will oversee the first three years of operations. The project is expected to generate significant local employment, with an estimated 450 jobs during construction and between 10 and 15 during operations.
“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,” said Patrik Antoni, Chief Executive Officer of IKEA India. “Designed with energy efficiency at the core, two of our large-format stores in 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 percent renewable energy by 2025,” he added.
The investment in India contributes to Ingka Investments’ global renewable portfolio, which currently totals EUR 4.2 billion out of its EUR 7.5 billion commitment by 2030. The company’s investments include utility-scale wind and solar projects, as well as technologies supporting the energy transition such as storage systems and charging infrastructure.
Ingka Group operates in 31 markets and represents about 87 percent of IKEA’s global retail sales. The group’s climate targets, approved by the Science Based Targets initiative (SBTi) in April 2024, include reducing absolute greenhouse gas emissions from its value chain by at least 50 percent by financial year 2030 compared to a 2016 baseline and achieving net-zero emissions by 2050 without relying on carbon offsets.
Ingka Investments manages strategic investments across six key areas — forestland, renewable energy, real estate, circular economy, financial markets, and venture investments — to create long-term value for Ingka Group and the IKEA business.