Ingka Investments, the investment arm of Ingka Group – the largest IKEA retailer, is commencing the construction of a new photovoltaic solar park called Kingstree West in Williamsburg County, South Carolina in the United States. The solar park will consist of 178,000 modules and will have an annual production estimated at 186 GWh per year, the estimated equivalent of the annual consumption of 15,200 South Carolina households (1).
Frederik de Jong, Head of Renewable Energy at Ingka Investments
“The investments in the US are a strategic priority to increase our renewable energy production and to secure long-term access to renewable energy that can help to further reduce our footprint. We will supply the grid with reliable, affordable clean energy.”
“We have an important role to play to encourage the production of more renewable energy. Adding more solar energy to our existing renewable energy portfolio in the US will create a better match between the renewable energy production and consumption profile of Ingka Group.”
As part of a EUR 7.5 billion initiative to support 100 percent renewable energy consumption across the value chain and beyond, Ingka Investments has invested and committed EUR 4.2 billion into renewable energy projects in wind and solar power. The investment scope also includes innovation and transitional technologies, such as energy storage, hydrogen as an energy carrier, or grid infrastructure.
Ingka Investment anticipates that the construction of the solar park will temporarily stimulate the local economy through employment and apprenticeships within construction and, maintenance. Furthermore, Ingka Investment is paying for 100% of the establishment of the solar park without any additional cost for the local community and ratepayers. Williamsburg County will also benefit from approximately $7.6 million in future property tax revenues over the project’s life. The construction will be done in collaboration with our partners Rosendin Electric and Forum Energy Partners.
Also in Williamsburg County, South Carolina another solar project is being developed by Ingka Group, which is located approximately 27 miles east from Kingstree West. The 249MWac Kingstree East project recently reached a major development milestone with the South Carolina Public Utilities Commission unanimously approving its request for a certificate of public convenience and necessity. The project has now completed all discretionary permits. Additional development steps need to be completed to assess project feasibility.
As a global business operating in 31 countries, Ingka Group is committed to the Paris Agreement and to contribute to limiting the global temperature rise to 1.5°C. In November 2023, the company strengthened its climate targets in alignment with the Science Based Targets initiative (SBTi) Corporate Net-Zero Standard.
The targets were approved by SBTi in April 2024 and include a commitment to reduce absolute greenhouse gas emissions from the value chain by at least 50% by FY30 (compared to FY16 baseline) and reach net zero emissions by 2050, without relying on carbon offsets to meet these absolute reduction targets.
(1) South Carolina Electricity Profile 2023 table 8 (residential usage/ residential customers).
About Ingka Investments
Ingka Investments is the investment arm of Ingka Group, the largest IKEA retailer. Focused on long-term value creation, it invests in six strategic areas: forestland, renewable energy, real estate, circular, financial markets, and business acquisitions and venture investments. Ingka Investments’ mission is to ensure the financial resilience of Ingka Group, support the transformation of IKEA Retail, contribute to sustainability, and strengthen the IKEA brand for future generations through responsible and impactful investments.
Further information on Ingka Investments: https://www.ingka.com/what-we-do/ingka-investments/
About Ingka Group
With IKEA retail operations on 31 markets, including IKEA Spain, Ingka Group is the largest IKEA retailer and represents about 90% of IKEA retail sales. It is a strategic partner to develop and innovate the IKEA business and help define common IKEA strategies. Ingka Group owns and operates IKEA sales channels under franchise agreements with Inter IKEA Systems B.V. It has three business areas: IKEA Retail, Ingka Investments and Ingka Centres. Read more on www.Ingka.com.
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