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Ikea owner splashes out on £285m for solar parks across Europe

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Ikea has revealed that sales jumped over the past year due to customers returning to its shops and price increases in the face of cost inflation.
Ikea plans to open eight new sites in the US alongside nine planning studios and order points, The Financial Times reports

The owner of Ikea has invested almost £285m across Europe with the purchase of nine solar park projects.

Ingka Group has bought solar photovoltaic (PV) parks in Germany and Spain, from developer Enerparc, which have a combined capacity of 440 megawatt.

“The expected production will be sufficient to cover all IKEA stores and warehouses in the two countries, making the operations of Ingka Group climate positive,” the group said in a statement, according to Reuters..

Swedish flat-pack furniture giant IKEA has an aim to be climate positive by 2030, with the latest acquisition a bid to reduce the chain’s need for fossil fuels.

Ingka now owns 547 wind turbines across 14 countries, 10 solar parks and 935,000 panels on roofs of IKEA stores, which produce more than 4 Terawatt hours of electricity.