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Inox Clean Energy has entered African renewable energy markets through a joint venture with RJ Corp, marking a key international expansion move. The partnership has acquired Skypower Services MENA Ltd and plans to commission about 570 MW of renewable capacity in the first phase. Backed by sovereign-supported power purchase agreements, the projects aim to deliver over 20 per cent IRRs while limiting counterparty risks. With land and evacuation infrastructure secured, the platform targets 2.5 GW of installed capacity in Africa by FY29, funded largely through multilateral agencies.
Inox Clean Energy has taken its first formal step into African renewable energy markets through a joint venture with RJ Corp, signalling a measured expansion of its international footprint. The move brings together Inox Clean, part of the INOXGFL Group, and RJ Corp, a diversified multinational group with interests spanning food and beverage, dairy, retail, healthcare, and quick-service restaurants. Advertisement
As part of the joint venture, the partners have acquired Skypower Services MENA Ltd. The platform plans to commission around 570 MW of renewable energy capacity in the initial phase. The acquired portfolio forms part of a multi-gigawatt development pipeline and is backed by sovereign-supported power purchase agreements. These agreements significantly reduce payment and counterparty risks and are expected to deliver project internal rates of return of over 20 per cent.
Key project fundamentals are already in place. Land parcels and power evacuation infrastructure have been secured, allowing faster execution timelines and reducing development-stage uncertainty. This positions the joint venture to move swiftly from acquisition to commissioning.
Through this African platform, Inox Clean is targeting 2.5 GW of installed renewable energy capacity by FY29. The company expects debt funding for these projects to come largely from multilateral agencies, a route commonly used for infrastructure projects in emerging markets due to longer tenures and lower financing risks.
The Africa-focused portfolio is being developed through Skypower Services MENA Ltd, which specialises in developing, financing, building, and operating utility-scale solar projects. Its pipeline spans high-growth markets such as Zambia, Zimbabwe, and the Democratic Republic of Congo, regions that are seeing rising electricity demand alongside a strong policy push for cleaner and more reliable energy infrastructure.
Commenting on the development, Devansh Jain, Executive Director of the INOXGFL Group, indicated that the African entry through Skypower, alongside RJ Corp, represents a decisive step in Inox Clean's global expansion strategy. Ravi Jaipuria, Chairman of RJ Corp, noted that the partnership allows the group to utilise Inox Clean's renewable energy expertise to support decarbonisation efforts while securing dependable and cost-efficient power for operations.
Inox Clean Energy operates its renewable independent power producer business through Inox Neo and its solar manufacturing arm through Inox Solar Limited. The platform has been expanding through both greenfield developments and acquisitions. It is targeting 10 GW of installed renewable IPP capacity and 11 GW of integrated solar manufacturing capacity by FY28, with assets spread across India and select international markets.
Source PTI
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