Sweden

Sweden

Ikea pledge €500m for wind investment

SWEDEN: Furniture retailer Ikea has pledged a further €500 million to invest in wind projects by 2020, building on the €1.5 billion it has already spent on renewable energy.

 Ikea will invest €500 million in wind projects
Ikea will invest €500 million in wind projects

The group said it had already invested €1.5 billion in wind and solar developments since 2009. It is aiming to become "energy independent" by owning as much renewable energy capacity as it consumes.

Ikea will invest an additional €100 million on solar projects.

The retailer has acquired several wind projects in the US, Canada, Ireland and Poland in the last few years. Its biggest investment was in Texas, US, when it acquired a 165MW project from Apex Clean Energy in November 2014.

Ikea has been investing in wind power since 2010 when it bought six German wind projects with a combined capacity of 45MW from Gamesa.

The investment is part of a €1 billion fund launched by the Ikea Group and its charitable arm, the Ikea Foundation, to support renewables and communities affected by climate change.

Ikea will invest an additional €100 million on solar projects.

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