Inox Clean Energy Enters Africa with RJ Corp JV, Plans 2.5 GW Renewable Expansion by FY29

Inox Clean Energy, part of the INOXGFL Group, has announced a joint venture with multinational conglomerate RJ Corp to enter African renewable energy markets, marking a significant step in the company’s global expansion strategy.

As part of the transaction, the joint venture has acquired Skypower Services MENA Ltd. and plans to commission approximately 570 MW of renewable energy capacity in the first phase. The projects are backed by sovereign-supported power purchase agreements (PPAs) signed at attractive tariffs, limiting counterparty risk and delivering projected internal rates of return (IRRs) exceeding 20%, the company said.

The acquired portfolio forms part of a broader multi-gigawatt development pipeline across key African markets, including Zambia, Zimbabwe, and the Democratic Republic of Congo. These countries are witnessing rising electricity demand and increased focus on clean and reliable energy infrastructure.

Land acquisition and power evacuation infrastructure for the initial projects have already been secured, enabling faster execution timelines and strong project fundamentals.

Inox Clean Energy is targeting 2.5 GW of installed renewable power generation capacity in Africa by FY29, with project debt expected to be raised from multilateral financial institutions to strengthen funding resilience.

The Africa expansion is being undertaken through an equal joint venture between Inox Clean Energy and RJ Corp.

Inox Clean brings technical expertise in renewable energy project development, execution, and operations, while RJ Corp contributes its established business footprint across multiple African markets. RJ Corp operates in sectors including food & beverage, quick-service restaurants (QSR), dairy, retail, and healthcare.

The partnership aims to accelerate clean energy deployment, enhance regional energy security, and support decarbonisation efforts while ensuring long-term commercial sustainability.

The joint venture is acquiring the Africa portfolio through the takeover of Skypower Services MENA Ltd., a company engaged in the development, financing, construction, and operation of utility-scale solar power projects.

The platform has a significant development pipeline across high-growth African markets with supportive renewable energy policies and sovereign-backed agreements.

Devansh Jain, Executive Director, INOXGFL Group, said the Africa foray marks a defining step in Inox Clean’s global growth journey.

“With Africa’s immense potential and untapped opportunities, there is significant headroom for expansion beyond the initial 570 MW phase. Work on the projects will commence immediately after completion of transaction formalities,” Jain said.

He added that Inox Clean Energy is targeting 10 GW of installed Independent Power Producer (IPP) capacity and 11 GW of integrated solar manufacturing capacity by FY28, supported by organic growth, acquisitions, and international expansion.

Ravi Jaipuria, Chairman, RJ Corp, said the partnership aligns with the group’s sustainability objectives and net-zero ambitions. “Our collaboration with Inox Clean enables us to leverage world-class renewable energy expertise to decarbonise operations while ensuring reliable and cost-efficient power supply. It supports the growth of a sunrise sector and aligns our long-term strategy with the global energy transition,” Jaipuria said.