Inox Clean Energy And RJ Corp Form Joint Venture To Enter Africa With 570 MW First-Phase Projects And A 2.5 GW Target By FY29 Through Skypower Services MENA Acquisition

Inox Clean Energy Limited, part of the INOXGFL Group and one of India’s leading integrated renewable energy platforms, has announced a strategic joint venture with RJ Corp Limited to enter the African renewable energy market. This collaboration marks a significant milestone in both companies’ global expansion strategy, leveraging Inox Clean’s proven capabilities in scaling renewable assets and RJ Corp’s extensive operational presence across multiple African economies.

Through this joint venture, the partners have acquired Skypower Services MENA Ltd. and plan to commission approximately 570 MW of renewable energy capacity in the first phase. These projects form part of a larger multi-gigawatt pipeline included in the acquisition and are backed by sovereign-supported power purchase agreements signed at competitive tariffs. The structure of these PPAs reduces counterparty and payment risks and is expected to generate project IRRs exceeding 20%. With land acquisition and power evacuation infrastructure already secured, the venture is positioned for efficient execution and timely delivery.

Looking ahead, Inox Clean is targeting 2.5 GW of installed renewable energy capacity in Africa by FY29. The projects are expected to be supported by debt financing from multilateral agencies, further strengthening the financial stability and scalability of the platform. The equal joint venture model combines Inox Clean’s deep technical, engineering, and operational expertise with RJ Corp’s strong and expanding footprint across African consumer and industrial sectors. Together, the companies aim to accelerate clean energy adoption, improve energy security, and support long-term decarbonisation across high-potential African markets.

The Africa-focused portfolio is being acquired through the takeover of Skypower Services MENA, an entity specializing in the development, financing, construction, and operation of utility-scale solar projects. Its development pipeline spans high-growth markets such as Zambia, Zimbabwe, and the Democratic Republic of Congo—countries experiencing rising electricity demand and actively pursuing clean, reliable energy infrastructure.

Mr. Devansh Jain, Executive Director of the INOXGFL Group, stated that the acquisition of Skypower Services MENA through the partnership with RJ Corp represents a defining step in Inox Clean’s global growth journey. He highlighted Africa’s vast potential and untapped opportunities, noting that work on the first phase of 570 MW will begin immediately after the completion of all formalities. Jain added that with its recent acquisitions, organic capacity additions, and new international forays, Inox Clean is well-positioned to achieve its medium-term goals of 10 GW of installed IPP capacity and 11 GW of integrated solar manufacturing capacity by FY28.

Reflecting on the partnership, Mr. Ravi Jaipuria, Chairman of RJ Corp, emphasized that sustainability is central to the company’s expansion across fast-growing African markets. He stated that the joint venture with Inox Clean will enable RJ Corp to decarbonise its operations while ensuring reliable and cost-efficient power supply. Jaipuria noted that the collaboration advances the development of a sunrise sector in Africa and aligns the company’s long-term growth with the global clean energy transition.

The partnership, he said, extends RJ Corp’s net-zero ambitions beyond India and reinforces its commitment to embedding climate action across its international operations. This joint venture marks a major step in bringing large-scale renewable energy infrastructure to Africa, combining global technical expertise with regional market strengths to support sustainable economic growth and long-term energy resilience.