Ingka Group closes acquisition of 240 MW Misae solar project from Copenhagen Infrastructure Partners

Ingka Investments, the investment arm of Ingka Group, has taken over two solar photovoltaic (PV) projects in the U.S. in Utah and Texas after completing the acquisition of 49% ownership stake in each of them. 

In September 2019 Ingka Investments reached an agreement with Copenhagen Infrastructure Partners (CIP) to acquire 49% stake in these two solar PV projects. With a total of 403 MW capacity, this development ranks among the larger solar PV projects in the United States. Ingka Group took over the Utah solar PV project on December 31, last year, while the takeover of the Texas solar PV project concluded on March 31, 2020. 

One of the projects in this transaction si the Misae project in 240 MW Texas that produces 567 GWh of energy per annum.

Ingka Group will now have access to the production of 277 GWh of electricity, which is equivalent to the consumption of more than 50 IKEA Stores. Besides this, the Misae project has 823,228 panels of which Ingka Group will own 49%, giving an equivalent number of over 400,00 additional panels owned by Ingka Group.