Ib vogt, an international leading utility-scale renewable energy development platform, and Ingka Investments, the investment arm of Ingka Group, have completed a transaction for the sale and purchase of a 210 MWp ready-to-build solar project in Rajasthan, India. The transaction was announced on November 20, 2025, from New Delhi.

Milestone Investment for Ingka Group

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. 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.

Frederik de Jong, Head of Renewable Energy at Ingka Investments, described the acquisition as a milestone, stating: “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.”

Project Development and Operations

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 following completion.

The project represents part of ib vogt's extensive global operations, which span across 32 countries. The company 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. ib vogt has successfully monetised 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.

Executive Leadership Perspectives

Andreas Schell, CEO of ib vogt, emphasized the strategic importance of the partnership: “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, highlighted the company's competitive advantages: “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 rigour 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.”

Transaction Advisory Services

Ernst & Young LLP acted as exclusive M&A adviser to ib vogt for the transaction. Legal advisory services were provided by Saraf & Partners and Emerald Law Offices, supporting the completion of the strategic partnership between the two companies.

The partnership demonstrates both companies' commitment to advancing renewable energy development in India's rapidly expanding clean energy sector, with the project poised to contribute significantly to Ingka Group's global sustainability objectives while laying the foundation for future collaborations in the Indian renewable energy market.

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