Ikea has announced the purchase of a 49% stake: Ingka Investments has accouned that Ikea owner has purchased a 49% stake in eight solar PV farms in South West Russia.

A 160MW is predicted to be the  solar projects’ total capacity it is thought to provide enough electicity to power the entire IKEA portfolio in Russia that includes 17 stores.

The total asset value of the eight parks in more than €235 million (£203m) the company said.

It is believed that this transation is to be the first large-scale foreign investment into renewables in Russia by a non-utility firm.

“To support our sustainability goals and contribute to the overall IKEA commitment to become climate positive by 2030, we aim to expand our renewable energy portfolio into more countries, with Russia and Asia-Pacific a priority.” said Krister Mattsson, Managing Director at Ingka Investments.

“With our own wind farms and solar parks, we want to make renewable energy available across our operations.”

Currently owning 547 wind turbines in 14 countries is the Ingka Group, having an estimated 1.7GW of total installed renewables, two solar parks and 935,000 solar panels on IKEA stores’ and warehouse rooftops.

Ikea has announced the purchase of a 49% stake:

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