Ingka Group, the owner and operator of most IKEA stores, announced on Wednesday that its investment arm has acquired a 49% stake in a portfolio of solar development projects in Italy. The projects, located in Veneto, Puglia, Molise, Sicily, and Sardinia, have the potential to generate approximately 780 gigawatt-hours of renewable energy per year. This is equivalent to the annual energy consumption of approximately 250,000 European households.

Peter van der Poel, Managing Director of Ingka Investments, stated, "With our own solar parks, we want to make renewable energy available throughout the IKEA value chain and beyond."

The projects are currently in the early-stage development phase, with building permits being obtained.

This acquisition is part of Ingka Group's commitment to investing in renewable energy. As part of a 6.5 billion euro ($7.16 billion) initiative, Ingka Investments has already invested and committed over EUR3.5 billion to various renewable energy projects in wind and solar power.

In addition to the latest acquisition, Ingka Group owns 594 wind turbines, 22 solar parks in 18 countries, and over a million solar panels on the roofs of IKEA stores and warehouses. Collectively, these assets produce more than 4 terrawatt-hours of energy, which is equivalent to the annual electricity consumption of over 1 million European households.

Financial details of the Italian acquisition weren't disclosed.

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