Ingka Investments has announced its first renewable energy investment in India with a 210 MWp solar installation in Bikaner, Rajasthan. The investment is part of the company’s INR 10 billion (Euro 97.5 million) renewable energy commitment to the country, according to Ingka Group.
The investment arm of Ingka Group, the largest IKEA retailer, acquired a 100% stake in the subsidy-free solar project. The project has reached ready-to-build status, and construction will start soon. Operations are scheduled for December 2026.
The solar installation is expected to produce 380 GWh of electricity per year. Ingka Investments stated that the project will supply renewable energy to its retail, shopping centre, and distribution operations in India.
The company is collaborating with ib vogt, a Germany-based large-scale solar PV developer. ib vogt Solar India will handle construction and the first three years of operations. The project will create about 450 jobs during construction and between 10 and 15 jobs during operation.
This investment forms part of Ingka Group’s Euro 7.5 billion global commitment to achieve 100% renewable energy use across its value chain by 2030. The company has already invested and committed Euro 4.2 billion in renewable energy projects worldwide.
Ingka Group operates in 31 countries and aligns its climate goals with the Paris Agreement. Its targets, approved by the Science Based Targets initiative in April 2024, include cutting value chain greenhouse gas emissions by at least 50% by FY30 compared with FY16 levels and achieving net zero emissions by 2050 without using carbon offsets.
