Ib vogt has completed the sale of a 210-megawatt-peak ready-to-build solar project in Rajasthan to Ingka Investments, the investment arm of Ingka Group, the companies said. The acquisition is Ingka’s first utility-scale renewable energy investment in India and supports its target to power all global operations with 100% renewable energy by 2030.
Ib vogt said it secured land for the project, carried out feasibility and design work, and obtained grid connectivity and regulatory approvals. The company will oversee construction and manage operations for the first three years.
The plant is expected to produce about 380 gigawatt hours of electricity annually.
Chief executive Andreas Schell said the project aligns both companies’ long-term sustainability ambitions. “We are proud to support Ingka Investments on their first utility-scale renewable energy project in India,” he said. “This transaction advances sustainability goals while delivering strong economic value through clean energy.” He added: “With our proven track record, high engineering standards, and trusted suppliers, the project represents a low-risk, long-term investment.”
Schell said India remains a priority market. “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,” he said.
Parish Gupta, regional director at Ib vogt Solar India, said the deal shows the strength of the company’s development model. “It underscores ib vogt’s sophisticated development capabilities and global execution standards,” he said. Gupta added that what distinguishes the company is “our experienced local development teams and established partnerships, combined with governance rigour comparable to the world’s leading renewable energy platforms.”
Ingka Investments said the acquisition will help support IKEA’s operations in India. “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,” said Frederik de Jong, head of renewable energy. He added that the project’s 380 GWh of expected output will be “more than enough to power our growing retail, shopping centre, and distribution operations,” calling the investment “a big step in making our retail business in India more sustainable, efficient, and future-ready.”
