Inox Clean Energy Limited (Inox Clean), part of the INOXGFL Group, has partnered with RJ Corp Limited to enter the African renewable energy market through an equal joint venture, marking a significant step in the companies’ international expansion strategies.
As part of the partnership, the joint venture has acquired Skypower Services MENA Ltd. and plans to commission approximately 570 MW of renewable energy capacity in its first phase. The projects are part of a larger multi-gigawatt pipeline across Africa.
The projects are supported by sovereign-backed power purchase agreements (PPAs) secured at attractive tariffs. According to the companies, the structure is expected to reduce payment and counterparty risks and support project returns of more than 20% IRR.
Land and power evacuation infrastructure for the projects have already been tied up, which is expected to support faster project execution and strengthen the overall project fundamentals.
Inox Clean is targeting 2.5 GW of installed renewable energy generation capacity in Africa by FY29. Debt financing for the projects is expected to be secured from multilateral agencies, which the company said would further strengthen the financial structure of the platform.
Expanding Across Africa
The joint venture brings together Inox Clean’s renewable energy development, technical, operational and project execution capabilities with RJ Corp’s established operational presence across several African markets.
Through the partnership, the companies aim to develop a scalable renewable energy platform focused on accelerating clean energy adoption, improving energy security and supporting decarbonisation across the region.
The African portfolio is being acquired through the takeover of Skypower Services MENA, which focuses on the development, financing, construction and operation of utility-scale solar projects.
Skypower has a development pipeline across several high-growth African markets, including Zambia, Zimbabwe and the Democratic Republic of Congo, where rising electricity demand is creating a growing need for reliable and clean power infrastructure.
Inox Clean’s Global Expansion
Commenting on the joint venture, Devansh Jain, Executive Director, INOXGFL Group, said the partnership with RJ Corp and acquisition of Skypower Services MENA represented a defining step in Inox Clean’s global expansion.
Jain said Africa offered significant growth opportunities beyond the initial 570 MW phase, with work on the projects expected to begin following completion of transaction formalities.
He added that Inox Clean’s organic growth, acquisitions and international expansion were supporting its medium-term targets of 10 GW of installed IPP capacity and 11 GW of integrated solar manufacturing capacity by FY28.
Ravi Jaipuria, Chairman, RJ Corp, said sustainability remains central to the group’s expansion across African markets.
According to Jaipuria, the partnership will enable RJ Corp to leverage Inox Clean’s renewable energy expertise to support decarbonisation, while securing reliable and cost-efficient power for its operations.
He added that the collaboration would help advance renewable energy development in Africa and extend RJ Corp’s net-zero ambitions beyond India.
The joint venture marks Inox Clean’s entry into international renewable energy markets and provides the company with a platform to scale its presence in Africa, beginning with a 570 MW development phase and a longer-term target of 2.5 GW of installed capacity by FY29.
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