Inox Clean Energy Partners with RJ Corp to Enter African Renewable Energy Markets

Inox Clean Energy on Thursday announced a joint-venture foray with RJ Corp into African renewable energy markets, marking a major milestone in its global growth journey.

"Through this joint venture, Inox Clean Energy, in partnership with RJ Corp, has acquired Skypower Services MENA Ltd and aims to commission approximately 570 MW of renewable energy capacity in the first phase", a company statement said.

Inox Clean Energy, part of the INOXGFL Group and India’s leading integrated renewable energy platform, along with RJ Corp Ltd, a multinational group with interests in food & beverage, QSR, dairy, retail and healthcare, on Thursday announced a joint venture foray into African renewable energy markets, marking a major milestone in their global growth journey, the statement said.

The projects are part of a multi-gigawatt pipeline under the acquisition and are supported by sovereign-backed power purchase agreements (PPAs), significantly limiting payment and counterparty risks, resulting in over 20 per cent project IRRs.

Land and power evacuation infrastructure are already tied up, ensuring strong project fundamentals and faster execution.

Inox Clean is targeting 2.5 GW of installed renewable energy power generation capacity in Africa by FY29, with debt funding for the projects expected to be secured from multilateral agencies, further strengthening the financial robustness of the platform.

The Africa portfolio is being acquired by the JV through the takeover of Skypower Services MENA Ltd, which focuses on developing, financing, building, and operating utility-scale solar projects, with a large-scale development pipeline across high-growth African countries including Zambia, Zimbabwe, and the Democratic Republic of Congo—markets witnessing rising power demand and a strong push for clean, reliable energy infrastructure, it said.

Devansh Jain, Executive Director, INOXGFL Group, said, "Inox Clean’s Africa foray through the acquisition of Skypower Services MENA, in partnership with RJ Corp—already an established and esteemed name in the region—marks a defining step in our global expansion journey." Ravi Jaipuria, Chairman, RJ Corp, said, "Our partnership with Inox Clean for this IPP venture allows us to leverage their world-class renewable energy expertise to decarbonise our operations while ensuring reliable and cost-efficient power." Inox Clean Energy, the integrated renewable energy platform of the INOXGFL Group, operates across the renewable IPP (Independent Power Producer) business under its subsidiary Inox Neo and the solar manufacturing business under its subsidiary Inox Solar Limited.

Rapidly expanding across the verticals through greenfield and inorganic routes, Inox Clean targets 10 GW of installed RE IPP capacity and 11 GW of integrated solar manufacturing capacity by FY28, with assets spread across India and multiple key global geographies.