Inox Clean, RJ Corp foray into African renewable space

Inox Clean Energy and RJ Corp have announced a major joint venture in Africa, acquiring Skypower Services MENA to commission 570 MW of solar power in its first phase.

Written by FE Bureau

February 12, 2026 20:43 IST

Inox Clean Energy and RJ Corp Form Mega Joint Venture to Build 2.5 GW Green Portfolio

Inox Clean Energy , part of the INOXGFL Group , and RJ Corp on Thursday announced a joint venture foray into African renewable energy markets.

Inox Clean Energy, in partnership with RJ Corp, has acquired Skypower Services MENA and aims to commission nearly 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 over 20% project IRRs, it said.

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, further strengthening the financial robustness of the platform.

Skypower Services MENA 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.

Devansh Jain, Executive Director, INOXGFL Group, said, “ 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.”

Ravi Jaipuria, Chairman, RJ Corp, said, “. 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.”

This article was first uploaded on February twelve, twenty twenty-six, at forty-three minutes past eight in the night.