Inox Clean Energy has teamed up with RJ Corp to get into the renewable energy market in Africa. This is a big step for the company since it is now outside of India. As part of this partnership, the companies bought Skypower Services MENA Ltd., a developer with a lot of renewable energy projects in the works in a number of African countries.
The partnership aims to develop about 570 megawatts (MW) of renewable power capacity during the initial phase. The projects are supported by sovereign‑backed power purchase agreements (PPAs), which help reduce payment and counterparty risks. This structure is designed to achieve internal rates of return above 20 %, the companies said.
One key advantage of the acquired portfolio is that land and transmission infrastructure are already in place, which could help speed up construction and commissioning in critical markets like Zambia, Zimbabwe and the Democratic Republic of Congo.
Ambitious Targets and Funding Plans
The partners want to add up to 2.5 gigawatts (GW) of renewable energy capacity in Africa by the end of fiscal year 2029. Inox Clean Energy and RJ Corp plan to get money from multilateral development agencies to help with this growth. This will make it easier to fund and carry out projects.
Comments from Leadership
Devansh Jain, Executive Director of the INOXGFL Group, said the collaboration with RJ Corp is a “defining step in our global expansion journey.”
He added that the acquisition of Skypower Services enhances the company’s ability to operate in new international markets.
Ravi Jaipuria, Chairman of RJ Corp, said the partnership enables the companies to “decarbonise our operations while ensuring reliable and cost‑efficient power.”
Growing Renewable Footprint
Inox Clean Energy is part of the larger INOXGFL Group and is active in both renewable power projects and solar manufacturing. Its renewable energy projects in India operate through the subsidiary Inox Neo, while solar equipment manufacturing is carried out by Inox Solar Limited.
The company has set ambitious goals to achieve 10 GW of installed renewable energy capacity and 11 GW of integrated solar manufacturing capacity by fiscal year 2028. The Africa partnership underlines the growing presence of Indian renewable firms on the global stage and supports broader clean energy goals.
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