(MENAFN- KNN India) Jaipur, Nov 1 (KNN) Ingka Investments, the investment arm of Ingka Group - the largest IKEA retailer globally - has acquired a 100 percent stake in a 210 MWp subsidy-free solar project in Bikaner, marking its first renewable-energy investment in India.

The project, which has reached ready-to-build stage, is scheduled to begin construction shortly, with operations expected to commence in December 2026.

Once operational, it is projected to generate 380 GWh of electricity annually.

Frederik de Jong, Head of Renewable Energy, Ingka Investments, described the acquisition as a significant milestone, noting India's strategic importance to IKEA's retail and supply-chain operations.

The solar facility is expected to produce more renewable power than required to run IKEA's expanding retail, shopping-centre, and distribution operations in the country.

“It's a big step in making our retail business in India more sustainable, efficient, and future-ready,” de Jong said, reported ANI.

The investment forms part of Ingka Group's broader commitment to support 100 percent renewable-energy use across its value chain by 2030, backed by a global allocation of EUR 7.5 billion.

In India, the company is partnering with Germany-based solar developer ib vogt, which will oversee construction and the first three years of operations.

The project is expected to generate employment for approximately 450 workers during the construction phase and 10 to 15 personnel during operations.

Patrik Antoni, CEO, IKEA India, said sustainability remains central to the company's strategy. He highlighted progress made in enhancing energy efficiency across IKEA's India stores, including LEED Gold certifications for its Bengaluru and Navi Mumbai outlets, and ongoing efforts to achieve Platinum certification in Gurugram and Noida.

IKEA India aims to operate on 100 percent renewable energy by 2025 and has already deployed zero-emission delivery fleets in key cities, he added.

Ingka Group reiterated its commitment to climate goals aligned with the Paris Agreement.

Its emissions-reduction targets, approved by the Science Based Targets initiative in April 2024, include cutting value-chain emissions by at least 50 percent by FY2030 from a FY2016 baseline and achieving net-zero emissions by 2050 without relying on carbon offsets.

(KNN Bureau)

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