NETHERLANDS – Ingka Investments, the investments arm of Ingka Group, the largest Ikea retailer, commits to an additional EUR 1 billion for investments in innovation and transitional technologies, bringing its total commitment to the renewable energy sector to EUR 7.5 billion by 2030.

The company has already invested and committed EUR 4 billion and it’s production is now equal to a mid-size renewable energy production company on a global scale.

The additional EUR 1 billion will go beyond investments in renewable energy production and support the wider energy transition towards a renewable future and phasing out fossil fuels.

The investment will focus on innovation and transitional technologies such as energy storage, hydrogen as energy carrier or grid infrastructure.

Ingka Group has committed to owning or owns 593 wind turbines, 26 solar parks in 18 countries. Together, this produces circa 4 TWh, equivalent to the annual electricity consumption of about 1.25 million European households.

The total production capacity of operational assets under Ingka Investments’ ownership today is 2,254 MW, across 59 assets (12 solar parks, 44 wind farms, one offshore wind project and one grid project).