Inox Clean Energy partners RJ Corp to enter African renewable IPP market

Inox Clean Energy Ltd said it has formed a joint venture with RJ Corp Ltd to expand into the African renewable energy market, marking the company’s first major international independent power producer (IPP) venture.

Under the partnership, the companies have acquired Skypower Services MENA Ltd and plan to commission about 570 MW of renewable energy capacity in the first phase. The projects are part of a multi-gigawatt pipeline and are backed by sovereign-supported power purchase agreements, which the company said are expected to deliver project internal rates of return above 20%.

Land acquisition and grid evacuation infrastructure for the initial projects are already in place, enabling faster execution, the company said.

2.5 GW of RE Capacity Planned 

Inox Clean aims to build 2.5 GW of installed renewable energy capacity in Africa by fiscal 2029, with debt financing expected from multilateral agencies.

The equal joint venture combines Inox Clean’s renewable project development and execution capabilities with RJ Corp’s operational presence across African markets. The portfolio includes projects in Zambia, Zimbabwe and the Democratic Republic of Congo, where electricity demand is rising and governments are seeking reliable clean power.

Executive Director Devansh Jain said the Africa expansion represents a key milestone in the company’s global growth strategy and supports its broader target of achieving 10 GW of installed IPP capacity and 11 GW of integrated solar manufacturing capacity by fiscal 2028.

Sustainability Goals 

RJ Corp Chairman Ravi Jaipuria said the partnership would support the group’s sustainability goals and help decarbonise its operations across its African footprint.

Inox Clean Energy, part of the INOXGFL Group, operates across renewable power generation and solar manufacturing through its subsidiaries and has been expanding its portfolio through greenfield projects and acquisitions.