Inox Clean, RJ Corp ink JV to acquire Skypower Services; eye 2.5 GW African portfolio
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INOXGFL Group's renewable energy arm Inox Clean Energy Limited (Inox Clean) on Thursday announced a partnership with multinational conglomerate RJ Corp Limited to expand its presence into the African renewable energy market.
The two companies have entered into an equal joint venture (JV) to acquire Skypower Services MENA Ltd., a specialist in developing and operating utility-scale solar projects. This move marks Inox Clean’s first major international foray, while RJ Corp already has a deep-rooted operational presence across the African continent.
Phase one: 570 MW solar pipeline
The partnership’s immediate focus is the commissioning of approximately 570 MW of renewable energy capacity in its first phase. These projects are part of a larger multi-gigawatt pipeline secured through the Skypower acquisition.
Key project fundamentals include:
Target markets: Initial development is focused on high-growth regions, including Zambia, Zimbabwe, and the Democratic Republic of Congo (DRC).
De-risked returns: The projects are backed by sovereign-guaranteed power purchase agreements (PPAs). These agreements, signed at attractive tariffs, are expected to yield project internal rates of return (IRRs) exceeding 20%.
Ready infrastructure: Land and power evacuation infrastructure are already tied up, reducing execution timelines.
Financing: Debt funding for the phase-one projects is expected to be secured from multilateral agencies.
The joint venture has set an ambitious target to reach 2.5 GW of installed renewable capacity in Africa by FY29. This expansion aligns with Inox Clean’s broader medium-term goal of achieving 10 GW of installed IPP capacity and 11 GW of integrated solar manufacturing capacity by FY28.
Devansh Jain, executive director of INOXGFL Group, said, "Inox Clean’s 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. Africa provides significant headroom for growth beyond our first phase of 570 MW, and we are well-positioned to achieve our 10 GW global target by FY28."
Ravi Jaipuria, chairman of RJ Corp, added, "As we continue to expand our presence across the fast-growing African markets, sustainability remains central to our strategy. This partnership allows us to leverage world-class renewable expertise to decarbonise our operations while ensuring reliable and cost-efficient power."
Inox Clean recently raised ₹3,100 crore in equity from global investors like CalPERS and SUN Group. The joint venture is expected to commence work on the initial 570 MW portfolio immediately following the completion of transaction formalities.