The equal joint venture will focus on developing, financing, building, and operating utility‑scale solar projects, with a pipeline across Zambia, Zimbabwe, and the Democratic Republic of Congo.
Inox Clean Energy Ltd has announced a major foray into the African renewable energy market through an equal joint venture with RJ Corp Ltd. Inox Clean Energy is part of India’s leading integrated renewable energy platform, the INOXGFL Group, while RJ Corp Ltd is a multinational conglomerate with interests in food & beverage, quick service restaurants, dairy, retail, and healthcare.
The partnership marks a significant step in taking Inox Clean Energy’s proven renewable energy expertise to high‑growth African markets. The joint venture has acquired Skypower Services MENA Ltd. and plans to commission approximately 570 MW of renewable capacity in the first phase. These projects form part of a multi‑GW pipeline backed by sovereign‑guaranteed power purchase agreements (PPAs) at attractive tariffs, limiting payment and counterparty risks and delivering internal rates of return exceeding 20 per cent. With land and evacuation infrastructure already secured, the projects are positioned for faster execution.
Inox Clean Energy is targeting 2.5 GW of installed renewable power generation capacity in Africa by FY2029. Debt funding is expected to be secured from multilateral agencies, further strengthening the financial resilience of the platform.
Commenting on the partnership, Devansh Jain, Executive Director, INOXGFL Group, said, “Africa provides immense potential and headroom for growth beyond our first phase of 570 MW. With organic expansion, acquisitions, and global ventures, Inox Clean is setting new benchmarks and is well‑placed to achieve its medium‑term targets of 10 GW of installed IPP (independent power producer) capacity and 11 GW of integrated solar manufacturing capacity by FY2028.”
Ravi Jaipuria, Chairman, RJ Corp, added, “As we expand across Africa, sustainability remains central to our growth strategy. Partnering with Inox Clean allows us to leverage their renewable expertise to decarbonise operations while ensuring reliable, cost‑efficient power. This supports the build‑out of a sunrise sector and aligns our long‑term growth with the global energy transition.”
The joint venture combines Inox Clean’s technical and project execution strengths with RJ Corp’s operational footprint across multiple African markets. Together, they aim to accelerate clean energy adoption, enhance energy security, and support decarbonisation. The focus will be on developing, financing, building, and operating utility‑scale solar projects, with a pipeline across Zambia, Zimbabwe, and the Democratic Republic of Congo, countries witnessing rising demand and a strong push for reliable renewable infrastructure.