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Inox Clean Energy Limited, the renewable energy arm of INOXGFL Group, has entered into an equal joint venture with RJ Corp Limited to acquire Skypower Services MENA Ltd., a company focused on developing and operating utility scale solar projects.
The partnership marks Inox Clean first major international expansion as it moves into the African renewable energy market. RJ Corp already has an operational presence across the continent.
The companies said their immediate focus will be commissioning about 570 megawatts of renewable energy capacity in the first phase. The projects form part of a broader multi gigawatt pipeline secured through the Skypower acquisition.
Initial development is targeted at Zambia, Zimbabwe and the Democratic Republic of Congo. The projects are backed by sovereign guaranteed power purchase agreements signed at tariffs described as attractive. According to the statement, the agreements are expected to generate internal rates of return exceeding 20 percent.
Land and power evacuation infrastructure for the phase one projects have already been secured, which the companies said would reduce execution timelines. Debt funding is expected to be sourced from multilateral agencies.
The joint venture aims to reach 2.5 gigawatts of installed renewable capacity in Africa by fiscal year 2029. The expansion aligns with Inox Clean broader medium term target of achieving 10 gigawatts of installed independent power producer capacity and 11 gigawatts of integrated solar manufacturing capacity by fiscal year 2028.
“Inox Clean Africa foray through the acquisition of Skypower Services MENA, in partnership with RJ Corp, already an established name in the region, marks a defining step in our global expansion journey,” Devansh Jain, Executive Director of INOXGFL Group, said in a statement.
“Africa provides significant headroom for growth beyond our first phase of 570 megawatts, and we are well positioned to achieve our 10 gigawatt global target by fiscal year 2028,” he added.
RJ Corp Chairman Ravi Jaipuria said the partnership supports the company expansion across African markets while advancing its sustainability strategy.
Inox Clean recently raised 3,100 crore rupees in equity from global investors including CalPERS and SUN Group. The companies said work on the initial 570 megawatt portfolio will begin after completion of transaction formalities.
