In a major boost to India’s renewable energy expansion, ib vogt has completed the sale of a 210 MWp ready-to-build solar project in Rajasthan to Ingka Investments, the investment arm of Ingka Group, which operates the global IKEA retail network. The acquisition marks Ingka Investments’ first utility-scale renewable energy investment in India and supports its goal of powering all operations worldwide with 100% renewable energy by 2030.
ib vogt completed land acquisition, feasibility studies, engineering design, and secured all regulatory and grid connectivity approvals before the transaction. The company will also supervise construction and manage operations for the first three years.
Once commissioned, the project is expected to generate around 380 GWh of clean electricity annually, enough to fully meet the energy needs of Ingka Group’s expanding retail, distribution, and shopping centre footprint across India.
Active in 32 countries, ib vogt operates a global development pipeline exceeding 37.5 GWp in solar and 9.4 GWp in battery storage. In India, the company has already monetised over 1 GWp of developed projects to leading independent power producers.
Andreas Schell, CEO of ib vogt, said the deal reflects both companies’ long-term confidence in India’s renewable energy landscape.
“This transaction advances sustainability goals while delivering strong economic value through clean energy. India is one of Asia’s most dynamic renewable energy markets, and this partnership reinforces our commitment to delivering high-quality, large-scale projects with lasting impact,” he said.
Parish Gupta, Regional Director, ib vogt Solar India, added that the transaction highlights the company’s engineering quality and governance standards.
“Our strong local teams and global execution capabilities position us as a trusted partner for large-scale renewable energy investments in India,” he noted.
Ingka Investments Marks Milestone Entry into Indian Renewables
For Ingka Investments, the solar acquisition represents a strategic milestone aligned with IKEA’s long-term sustainability vision.
Frederik de Jong, Head of Renewable Energy at Ingka Investments, said:
“This marks our first renewable energy investment in India—a country of utmost importance for IKEA retail and supply chain operations. The project will generate more than enough energy to power our growing presence in India and make our operations more sustainable and future-ready.”
Advisory support for the transaction was provided by Ernst & Young LLP as exclusive M&A adviser, with Saraf & Partners and Emerald Law Offices serving as legal advisers.
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