Ingka Investments, the investment arm of IKEA, the world’s largest retailer, has paid roughly 340 million euros ($373 million) for nine solar park projects in Germany and Spain.
Projects are developed by Enerparc AG
Enerparc AG of Germany is developing the projects, which are scheduled to be ready for construction later this year, according to the firm.
Solar energy will be sufficient to power all IKEA shops and warehouses in the two countries, making the Ingka Group’s activities in Germany and Spain carbon free.
IKEA’s largest retailer, Ingka Group, operates in 32 markets and accounts for over 90% of the furniture company’s retail sales.