Between 2025 and 2029, the Swedish furniture group’s investment company will buy solar modules manufactured in the United States by a Swiss solar power manufacturer. The agreement is the basis for Meyer Burger to increase its annual production capacity in Arizona to about 2 GW.
The Swedish furniture manufacturer Ikea announced that in the future it will rely on Meyer Burger’s heterojunction solar modules in its own panel offer.
The group’s investment division Ingka Investments signed a four-year supply contract with the Swiss solar power manufacturer for solar modules manufactured at Meyer Burger’s US factory in Goodyear, Arizona, which will be delivered between 2025 and 2029.
The deal is one of two deals that prompted Meyer Burger to increase the annual production capacity of its US plant from 1.6 GW to 2 GW. Ingka Investments secures a significant annual advance payment so that Meyer Burger can acquire and finance machinery and raw materials for the production of solar modules.
Both companies did not disclose the financial and quantitative terms of the deal. “We are very pleased to be working with Ingka Investments to support us in the rapid launch of our production in the US through this off-take agreement,” said Daniel Menzel, COO of Meyer Burger.
In March, Ikea’s parent company Ingka Holding announced a plan to invest 340 million euros ($375.1 million) to buy seven solar parks developed by Enerparc in Germany and Spain. At the time, the furniture giant also said it wanted to update the Solstrale offer launched in 2019 to solar electricity for apartments.
Ikea currently operates in the solar electricity sector in Sweden, France, Australia, Italy, Germany, Switzerland, Belgium, Poland and Great Britain.
Ikea also tries to cover its own electricity needs with renewable energy. Its goal is to be climate neutral all over the world by 2030.