Ingka Investments Acquires Stake In Italian Solar PV Portfolio

Ingka Investments, the investment arm of Ingka Group, acquired a 49 percent share in a portfolio of solar PV development projects in Italy from Avapa Energy srl. The projects have the potential to reach a total installed capacity of 460 MWp.

The solar PV projects are located in the regions of Veneto, Puglia, Molise, Sicily, and Sardinia and have the potential to generate around 780 GWh of renewable energy per year once operational, equivalent to the annual energy consumption of roughly 250,000 European households.

“We are delighted to be announcing this important initiative to partner with Avapa Energy in the development of solar PV projects in this first step towards renewable energy production in Italy. With our own solar parks, we want to make renewable energy available throughout the IKEA value chain and beyond.” says Peter van der Poel, Managing Director, Ingka Investments.

As part of a EUR 6.5 billion initiative to support of 100 percent renewable energy consumption across the value chain and beyond, Ingka Investments has invested and committed more than EUR 3.5 billion into renewable energy projects in wind and solar power.

The development of the solar PV parks in Italy is part of the IKEA commitment to becoming climate positive* by 2030 by reducing more greenhouse gas emissions than the IKEA value chain emits, while also simultaneously growing the IKEA business. As the biggest retailer in the IKEA franchisee system, Ingka Group’s contribution is key to the successful accomplishment of the 2030 goals.

The projects are in early-stage development, with the building permits in the process of being obtained with Avapa Energy, Ingka’s development partner, leading the permitting process.

“We have been growing the platform of photovoltaic projects with the objective of joining forces with an experienced strategic investor and we are confident that the relationship with Ingka Investments will evolve and grow fast and efficiently, providing a material contribution to the European energy transition,” says Alberto Dalla Rosa, co-founder and Partner at Avapa Energy.

“Our long, international expertise in the design and development of renewable energy facilities aligns with Ingka Investment’s initiative to build a carbon-free energy generation platform that will effectively fight climate change and ensure a better future for our children and future generations,” adds Gabriele Zini, co-founder and Partner at Avapa Energy.

Today, Ingka Group has committed to owning or owns 594 wind turbines, 22 solar parks in 18 countries and over a million solar panels on the roofs of IKEA stores and warehouses. Together, this produces more than 4 TWh, equivalent to the annual electricity consumption of over 1 million European households. Read more about Ingka Group’s sustainability performance and commitments in the new Annual & Sustainability Summary report.

*IKEA climate positive means to reduce more greenhouse gas (GHG) emissions than the IKEA value chain emits by 2030, while growing the IKEA business. IKEA is committed to the Paris Agreement and to contribute to limiting the global temperature rise to 1.5°C above pre-industrial levels. This includes a commitment to halve the absolute net GHG emissions from the total IKEA value chain by 2030. We will achieve this by drastically reducing GHG emissions through science-based targets and by removing carbon from the atmosphere through natural processes and storing it in land, plants and products through better forest and agriculture management within the IKEA value chain. We will contribute to further greenhouse emission reductions in society by going beyond IKEA, such as enabling customers to generate renewable energy at home. Read more about the IKEA commitment here.

About Avapa Energy srl

Avapa Energy is a privately owned company active in the development of innovative projects as partner for institutional investors, namely in the structuring of utility-scale renewable energy projects, from solar photovoltaics to off-shore wind, from energy storage to green hydrogen production.

Avapa Energy brings together the optimal combination of product knowledge, technology, design and financial structuring to provide best in class solutions for the roll out of clean energy projects.

Source : IKEA

For all the very latest news and intelligence on the UK's largest home improvement and garden retailers, sign up for the Insight DIY weekly newsletter.