IKEA Invests Big In Russian Solar Power, Next Stop China?

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The Netherland’s based Ingka Group, owners of the majority of the world’s IKEA stores is moving into renewables.Currently running almost 400 of the IKEA stores open worldwide, the group has agreed terms on a 49% stake in eight solar plants in Russia for an estimated US$270 million.

Making the purchase from Russian firm Solar Systems LLC, (est. 2014), it is thought the Ingka Group acquisition is part of IKEA’s stated aims of becoming ‘climate positive’ by the end of the decade.

Solar Systems’ own stated plans over the next 12 months includes adding solar plants in six areas of Russia to their already 400 MW strong portfolio.

The six areas are all in Southern Russia in the vast open plains between western Kazakhstan and the politically sensitive Ukraine.

These are, however, regions with huge levels of winter snowfall – an issue not addressed in the statement announcing the deal.

It is also understood China may be next on the horizon for the Ingka Group to further increase investments in renewables; a link made in the Solar Systems LLC (SSLLC) purchase with two of seven members of the SSLLC board from China, including Deputy Chairman of the Board of Directors, Cui Zhiwei.

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