IKEA plans to invest in renewable energy plants in India

Our Bureau Mumbai | Updated on April 20, 2021

To have all its stores, warehouses and shopping centres in the country run entirely by renewable energy by 2025

Swedish furniture giant IKEA on Tuesday said it is considering India for investments in renewable energy plants. This is part of plan to have all its stores, warehouses and shopping centres in India run entirely by renewable energy by 2025.

Peter Betzel, CEO and CSO, IKEA India, said, “India has tremendous renewable energy potential and IKEA aims to have all its stores, warehouses and shopping centres run entirely by renewable energy by 2025. Today, 85 per cent of our energy requirement in India is supplied from external sources. We would like to secure current and future energy requirements from renewable energy sources. Ingka investments is considering India favourably for investments in renewable energy plants. A more stable policy environment will encourage more companies to shift to renewable energy and attract even more investments in the sector enabling a reduction in carbon footprint.”

Globally, the company plans to accelerate its investments in renewable energy by an additional €4 billion to support the transition towards a renewable energy future. The investment will support reducing the company’s climate footprint and a broader transition to a net-zero society. The investments will focus on adding wind and solar projects in new countries, and the company will also consider new types of investments in areas such as energy storage, hydrogen fuel development and charging infrastructure.

Ingka Group recently announced the acquisition of a 49 per cent stake in 8 solar PV parks in Russia. The energy capacity of the parks equals 160 megawatts, which will provide enough electricity to power all 17 IKEA stores in Russia plus part of the MEGA shopping centres based around the country.

Today, Ingka Group owns and manages 547 wind turbines, 10 solar parks in 15 countries and 935,000 solar panels on the roofs of IKEA stores and warehouses, bringing its total installed renewable energy power to more than 1.7 Gigawatt.

Published on April 20, 2021

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