Inox Clean, RJ Corp form JV for African renewables

Inox Clean Energy Limited, part of the INOXGFL Group, has formed an equal joint venture with RJ Corp Limited to enter the African renewable energy market, marking its first major international independent power producer initiative. The partnership has acquired Skypower Services MENA Limited and plans to commission about 570 MW of renewable energy capacity in the initial phase.

The projects form part of a multi-GW development pipeline and are supported by sovereign-backed power purchase agreements. The company stated that the projects are expected to deliver internal rates of return above 20%. Land and grid evacuation infrastructure for the first phase have been secured.

Inox Clean targets 2.5 GW of installed renewable capacity in Africa by the end of FY29. Debt funding for projects in Zambia, Zimbabwe, and the Democratic Republic of Congo is expected from multilateral development finance institutions.

The joint venture combines Inox Clean’s development and engineering, procurement, and construction capabilities with RJ Corp’s operational presence in select African markets. Devansh Jain, Executive Director of Inox Clean Energy, said the move aligns with the company’s target of 10 GW of installed independent power producer capacity and 11 GW of integrated solar manufacturing capacity by FY28. Ravi Jaipuria, Chairman of RJ Corp, said the partnership supports the group’s sustainability and decarbonisation plans in Africa.

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