Ingka Group, the owner of most IKEA stores worldwide, has bought nine solar photovoltaic (PV) park projects in Germany and Spain for a total of 340 million euros ($373 million) in its push to generate more renewable energy than it consumes.
The world's biggest furniture retailer said on Wednesday it was buying the projects, which would have a combined capacity of 440 megawatts, from German developer Enerparc.
"The expected production ... will be sufficient to cover all IKEA stores and warehouses in the two countries, making the operations of Ingka Group carbon neutral," it said in a statement.IKEA operates through a franchise system with Ingka Group the main franchisee to brand owner Inter IKEA. IKEA as a whole aims to be climate positive, or reduce greenhouse gas emissions by more than its entire value chain emits, by 2030.
The group now owns 547 wind turbines in 14 countries, 10 solar parks and 935,000 solar panels on the roofs of IKEA stores and warehouses, which together produce more than 4 Terawatt hours of electricity.Reporting by Anna Ringstrom; Editing by Clarence Fernandez
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Exxon to invest $10 billion in massive Guyana offshore oil projectExxon Mobil Corp on Monday decided to invest $10 billion in a fourth oil production project off the coast of Guyana, the largest in the South American country.
Read more »
US Navy Has A Stealthy Solar Energy Electric Aircraft Up Its SleeveThe US Navy is eyeballing solar energy and a hydrogen fuel cell for infinite flight, with from Spain's Skydweller Aero, Inc.
Read more »
Fundraiser underway to help popular DJ whose equipment was stolenAs car break-ins continue to be a problem in Northeast Ohio, one local DJ finds himself one of the latest victims.
Read more »
How to Responsibly Invest in Crypto & NFTs for Your Long-term Future | HackerNoonThere are reliable and safe ways to make long-term and sustainable profits in the new era of cryptocurrencies and NFTs; get familiar with them!
Read more »
Mars crater complex shows layers of ice in stunning spacecraft photosIt's the largest known impact basin in the solar system.
Read more »