IKEA owner Ingka accelerates Australian renewables push

Aerial shot of Peak Hill Solar Park against beautiful blue sky (Ingka)
Peak Hill Solar Park

IKEA’s parent company Ingka Group has, through its investment arm Ingka Investments, acquired a 195MW Australian solar PV portfolio from ENERPARC. The total investment in the solar PV portfolio will amount to approximately $250 million.  

The portfolio includes two operational solar PV parks in Peak Hill and Trundle, near Parkes, in central-west New South Wales and a third solar PV park currently under development which is expected to start producing electricity at the end of 2025.

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The expected installed capacity of the solar PV parks equals 195MW. The total production of the three solar parks will be approximately 340GWh per year, which is equivalent to the electricity consumption of roughly 65,000 Australian households.  

“We are delighted to be announcing this important initiative to enable renewable electricity consumption in Australia, and to partner up once again with ENERPARC in this next step in accelerating our energy production in the Asia and Pacific region,” Ingka Investments managing director Peter van der Poel said.

“With our own solar parks and wind farms, we want to make renewable energy available throughout the IKEA value chain and beyond.” 

The development of the solar PV parks in New South Wales, following the recent 15% stake taken in Australia’s largest permitted wind farm, Golden Plains Wind Farm in Victoria, are part of the IKEA commitment to becoming climate positive by 2030 by reducing more greenhouse gas emissions than the IKEA value chain emits, while also simultaneously growing the IKEA business.

As the biggest retailer in the IKEA franchisee system, Ingka Group’s contribution is key to the successful accomplishment of the 2030 goals.  

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This partnership is in line with its strategy to develop a total of 10GW solar PV plants globally for its own portfolio and another 10GW third-party solar portfolios until 2030.  

Today, Ingka Group has committed to owning or owns 594 wind turbines, 22 solar parks in 18 countries and over a million solar panels on the roofs of IKEA stores and warehouses.

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