Inox Clean Energy (Inox Clean) has entered African renewable markets through a joint venture with RJ Corp (RJ Corp), acquiring Skypower Services MENA Ltd (Skypower) as part of the transaction. The tie-up marks a strategic step in global expansion by the integrated renewable energy platform of the INOXGFL Group (INOXGFL). The acquisition transfers a large development pipeline across high-growth African countries and aims to address rising power demand with reliable clean energy infrastructure.

The joint venture expects to commission approximately 570 megawatt (MW) in the first phase and is targeting two point five gigawatt (GW) of installed renewable power generation capacity in Africa by FY29. Projects in the portfolio are supported by sovereign-backed power purchase agreements, which the companies say significantly limit payment and counterparty risks. Financial returns on projects are projected to exceed 20 per cent internal rates of return, underpinning investor interest in the platform.

Land and power evacuation infrastructure are already secured, which the joint venture considers to ensure strong project fundamentals and enable faster execution timelines. Debt funding for the projects is expected to be arranged from multilateral agencies, further strengthening the financial robustness of the platform and supporting construction and commissioning schedules. The Africa portfolio includes development opportunities in Zambia, Zimbabwe and the Democratic Republic of Congo, where demand growth and policy emphasis favour clean energy deployment.

Inox Clean is part of the INOXGFL Group and will operate the independent power producer business through its subsidiary Inox Neo, while solar manufacturing operations will continue under Inox Solar Limited. The partners intend to expand across the value chain using greenfield and inorganic routes and aim to reach 10 GW of installed renewable IPP capacity and 11 GW of integrated solar manufacturing capacity by FY28. The transaction is presented as a step towards decarbonisation and reliable power supply for industrial and commercial consumers in the region.