The transaction marks the first large-scale foreign investment into renewable energy in Russia by a non-utility company. 

     A statement issued by Ingka said the stations are located in the southwest of Russia and the overall book asset value for the eight parks is over 21 billion roubles (235 million euros).

    The energy capacity of the parks is 160 MW and it will provide enough electricity to power all 17 IKEA Stores in Russia plus part of the MEGA shopping centres based around the country.

    Krister Mattsson, the Managing Director of Ingka Investments, said the company was endeavouring to expand its portfolio of renewable energy sources in an ever-larger number of countries, with priority given to Russia and the Asia-Pacific region.

    “With our own wind farms and solar parks, we want to make renewable energy available across our operations,” he said.

    Since 2009, Ingka Group has invested 2.5 billion euros in renewable energy and recently announced it had generated more renewable energy globally than it consumed in its own operations.

    Ingka Group owns and manages 547 wind turbines in 14 countries, two solar parks and 935,000 solar panels on the roofs of IKEA stores and warehouses, bringing its total installed renewable energy power to more than 1.7 GW.