Inox Clean Energy and RJ Corp Form Joint Venture to Develop 570 MW Renewable Portfolio in Africa

Inox Clean Energy (Inox Clean), part of the INOXGFL Group and an integrated renewable energy platform, together with RJ Corp, a multinational group with interests in food and beverage, QSR, dairy, retail and healthcare, today announced a joint venture foray into African renewable energy markets. With a strong track record of developing, operating and scaling renewable energy assets across India, Inox Clean is now taking its proven capabilities to international markets with high-growth potential.

Through this joint venture, Inox Clean Energy, in partnership with RJ Corp, has acquired Skypower Services MENA and aims to commission approximately 570 MW of renewable energy capacity in the first phase. The projects form part of a multi-gigawatt pipeline under the acquisition and are supported by sovereign-backed Power Purchase Agreements (PPAs) signed at attractive tariffs, thereby significantly limiting payment and counterparty risks, resulting in greater than 20 percent 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.

As part of its global expansion strategy, Inox Clean is entering Africa through an equal joint venture with RJ Corp, leveraging complementary strengths to establish a robust and scalable renewable energy platform. While Inox Clean brings its deep technical, operational and project execution expertise in renewables, RJ Corp contributes through its strong and growing operational footprint across multiple African markets. Together, the two companies aim to accelerate clean energy adoption, enhance energy security and support decarbonisation efforts in the region while ensuring long-term commercial sustainability.

Commenting on the joint venture, 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. With its immense potential and untapped opportunities, Africa provides significant headroom for growth beyond our first phase of 570 MW, work on which will commence immediately after completion of all transaction formalities. With its organic growth, recent acquisitions, and global forays, Inox Clean is setting new growth benchmarks and has established a solid base to achieve its medium-term targets of 10 GW of installed IPP capacity and 11 GW of integrated solar manufacturing capacity by FY28.”

The Africa portfolio is being acquired by the JV through the takeover of Skypower Services MENA, 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.

Speaking on the occasion, Ravi Jaipuria, Chairman, RJ Corp, said, “As we continue to expand our presence across the fast-growing African markets, sustainability remains central to our growth strategy. 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. It supports the build-out of a sunrise sector and enables us to align our long-term growth with the global renewable energy transition. This collaboration reinforces our commitment to taking our net-zero ambitions beyond India and embedding climate action across our global footprint.”