The investment arm of Ikea’s largest retailer, Ingka Group, is expanding its renewable energy footprint by acquiring a 49% stake in eight solar parks in Russia.
The agreement for the parks, with a total book asset value of about 235 million euros ($279 million), has been struck with Solar Systems LLC and is now awaiting approval from the Russian competition authority, according to a statement.
“We aim to expand our renewable energy portfolio into more countries, with Russia and Asia-Pacific a priority,” Krister Mattsson, Managing Director at Ingka Investments, said.
The energy capacity of the parks equals 160 megawatts, providing enough electricity to power all 17 Ikea stores in Russia, as well as part of the MEGA shopping centers based around the country.
Ingka is the biggest partner in the Ikea franchise system, operating 389 Ikea stores in 32 countries.