South West | Energy, utilities | Finance, business
Netherlands-based IKEA owner invests in Russian solar energy
14 Apr '21
Ingka Group, a Dutch holding company that owns the international IKEA and Mega retail chains through its subsidiary Ingka Investments, has agreed to buy a 49% stake in eight solar power stations with a total capacity of 160MW in Russia’s southwest region. The solar energy projects are currently owned by Solar Systems, a Russian developer of innovative solar solutions.
The Russian business daily Kommersant quoted independent analysts as saying they estimated overall investment by Ingka in Russia’s solar energy to be just over $26m.
Solar Systems, co-owned by Singapore’s Helios Mech, is one of Russia’s largest investors in green electricity generation with a portfolio of about 400MW in installed capacity.
The decision to invest in solar energy appears unorthodox for a company that runs retail chains. However, Ingka already has a track record of investing in the sector in Russia. It has put funds in micro-scale green generation with a total of 300kW solar panels and wind generators across its Russian-based facilities. An Ingka spokesperson was quoted by Kommersant as saying that the Dutch company needed the eight new sizable solar energy assets to secure full electricity supply for all 17 IKEA stores across Russia and some of the Mega shopping malls.