(Bloomberg) -- Ingka Investments, the investment arm of Ikea's biggest retailing group, has bought nine solar park projects in Germany and Spain for about 340 million euros ($373 million).
The projects are being developed by Germany-based Enerparc AG and expected to be ready for construction at the end of this year, according to an emailed statement.
The solar energy production “will be sufficient to cover all IKEA stores and warehouses in the two countries, making the operations of Ingka Group in the two countries climate positive,” the company said.
Ingka Group is the largest Ikea retailer operating in 32 markets and representing about 90% of the furniture company's retail sales. The furniture group is aiming to be climate positive by 2030 and to reach net-zero by 2050 at the latest.
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