ib vogt, an international leading utility-scale renewable energy development platform, and Ingka Investments, the investment arm of Ingka Group, have successfully completed a transaction for the sale and purchase of a 210 MWp ready-to-build solar project in Rajasthan, India. The project marks Ingka Investments’ first utility-scale renewable energy investment in India and supports Ingka Group’s commitment to power all its operations with 100 percent renewable energy by 2030.
iB Vogt secured the land, completed feasibility and design work, and obtained all necessary grid connectivity and regulatory approvals for the project. The company will oversee construction and provide operations management for the first three years. Once operational, the 210 MWp solar installation is expected to generate approximately 380 GWh of renewable electricity annually, providing more than enough clean energy to power Ingka Group’s expanding retail, distribution, and shopping center operations across India.
ib vogt operates across 32 countries and maintains a global development pipeline of more than 37.5 GWp of solar projects and over 9.4 GWp of battery energy storage system (BESS) projects. The company has successfully monetized more than 1 GWp of fully developed projects to leading Indian independent power producers, underpinning its reputation for rigorous development standards and local market expertise.
Andreas Schell, CEO of ib vogt, said, “We are proud to support Ingka Investments on their first utility-scale renewable energy project in India. This transaction advances sustainability goals while delivering strong economic value through clean energy. With our proven track record, high engineering standards, and trusted suppliers, the project represents a low-risk, long-term investment. India is one of Asia’s most dynamic renewable energy markets, and this partnership reflects our commitment to delivering high-quality, large-scale projects with lasting environmental and economic impact.”
Parish Gupta, Regional Director, ib vogt Solar India, commented, “We are delighted with this transaction. It underscores ib vogt’s sophisticated development capabilities and global execution standards. What sets ib vogt apart is our experienced local development teams and established partnerships, combined with governance rigor comparable to the world’s leading renewable energy platforms. This milestone reinforces our position as a trusted partner for large-scale renewable energy investments in India.”
Frederik de Jong, Head of Renewable Energy at Ingka Investments, said, “This is a milestone acquisition for us—it marks the first renewable energy investment for Ingka Investments in India—a country of utmost importance both for IKEA retail and the IKEA supply chain. The new solar project in India will produce 380 GWh of renewable energy annually—more than enough to power our growing retail, shopping center, and distribution operations. It’s a big step in making our retail business in India more sustainable, efficient, and future-ready.”
Ernst & Young LLP acted as exclusive M&A adviser to ib vogt, with Saraf & Partners and Emerald Law Offices providing legal advisory services.
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