Inox Clean Energy Joins RJ Corp to Expand African IPP

18 Feb 2026 CW Team

Projects in the initial portfolio are supported by sovereign-backed power purchase agreements and are expected to deliver project internal rates of return above 20 per cent. Debt financing is expected to come from multilateral development agencies to underwrite project execution and reduce financing risk. The equal joint venture structure will combine Inox Clean Energy's project development and execution expertise with RJ Corp's operational presence across African markets to accelerate delivery.

Inox Clean aims to build two point five gigawatt (GW) of installed renewable energy capacity in Africa by fiscal 2029, aligning the expansion with its global growth strategy. The initial geographic focus includes Zambia, Zimbabwe and the Democratic Republic of Congo, where electricity demand is rising and governments are seeking reliable clean power. The company said that the acquisitions and ready infrastructure will allow it to mobilise resources and move projects through permitting and construction stages more rapidly.

The executive director Devansh Jain described the Africa expansion as a key milestone that supports a broader corporate target of achieving 10 GW of installed independent power producer capacity and 11 GW of integrated solar manufacturing capacity by fiscal 2028. RJ Corp's chairman Ravi Jaipuria indicated that the partnership will support the group's sustainability goals and help decarbonise its operations across its African footprint, while Inox Clean Energy continues to expand through greenfield projects and acquisitions.

Inox Clean Energy Ltd has formed a joint venture with RJ Corp Ltd to expand into the African renewable energy market, marking the company's first major international independent power producer venture. The partnership has acquired Skypower Services MENA Ltd and plans to commission about 570 megawatts (MW) in the initial phase as part of a multi-gigawatt pipeline. Land acquisition and grid evacuation infrastructure for the initial projects are already in place, enabling faster execution and earlier commissioning. Projects in the initial portfolio are supported by sovereign-backed power purchase agreements and are expected to deliver project internal rates of return above 20 per cent. Debt financing is expected to come from multilateral development agencies to underwrite project execution and reduce financing risk. The equal joint venture structure will combine Inox Clean Energy's project development and execution expertise with RJ Corp's operational presence across African markets to accelerate delivery. Inox Clean aims to build two point five gigawatt (GW) of installed renewable energy capacity in Africa by fiscal 2029, aligning the expansion with its global growth strategy. The initial geographic focus includes Zambia, Zimbabwe and the Democratic Republic of Congo, where electricity demand is rising and governments are seeking reliable clean power. The company said that the acquisitions and ready infrastructure will allow it to mobilise resources and move projects through permitting and construction stages more rapidly. The executive director Devansh Jain described the Africa expansion as a key milestone that supports a broader corporate target of achieving 10 GW of installed independent power producer capacity and 11 GW of integrated solar manufacturing capacity by fiscal 2028. RJ Corp's chairman Ravi Jaipuria indicated that the partnership will support the group's sustainability goals and help decarbonise its operations across its African footprint, while Inox Clean Energy continues to expand through greenfield projects and acquisitions.

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