Ingka Group, the owner and operator of 380 IKEA stores in 30 countries, has taken over two solar photovoltaic (PV) projects in the U.S after completing the acquisition of 49% ownership stake in each of them, which will help the company generate more renewable energy than ever before.

This acquisition is expected to allow the Misae solar project in Texas, which produces 567GWh of energy annually, give Ingka Group access to the production of 277GWh of electricity, which is equivalent to the consumption of more than 50 IKEA stores.

The company, which has also taken ownership of more than 400,000 panels of the solar park, says the completion of this transaction holds special significance as it will now produces more energy than it consumes.

It is also reported for February for the first time, Ingka Group’s annual energy production has exceeded its 12 months of energy consumption.

Ingka Group aims to consume 100% renewable electricity by 2025 in each of its 30 countries where its present, phasing out fossil fuel-based heating and cooling by 2030.

Kristen Mattsson, Managing Director of Ingka Investments, commented: “Since 2009, Ingka Group has invested close to €2.5 billion (£2.2bn) in renewable energy. For us, investing in renewable energy is a part of our asset management strategy, as it fully supports our sustainability commitments.

“We plan to continue with our future investment strategy and are focusing on countries where we do not have large scale renewable energy production yet, such as Russia and China.”