News flash
- The joint venture aims to develop over 10 GW of solar infrastructure across high-growth African markets.
- The initial phase targets 570 MW of renewable energy capacity, supported by sovereign-backed PPAs.
- The partnership plans to reach 2.5 GW of operational capacity by FY29 with funding from multilateral lenders.
India’s Inox Clean Energy, a subsidiary of the INOXGFL Group, has partnered with RJ Corp to form an equal joint venture to acquire SkyPower Services MENA Ltd. The move is designed to establish a scalable Independent Power Producer platform across Africa, leveraging Inox Clean Energy’s technical expertise and RJ Corp’s operational footprint.
The acquisition includes a multi-gigawatt pipeline of solar projects with existing land and grid connections, backed by sovereign-backed power purchase agreements. The JV will initially focus on commissioning around 570 MW of renewable energy capacity, targeting high-growth markets including Zambia, Zimbabwe, and the Democratic Republic of Congo.
Looking ahead, the joint venture aims to reach 2.5 GW of operational renewable capacity by FY29. Project financing is expected to be secured through multilateral lenders, ensuring financial robustness for the platform’s expansion across the continent.
Author: Bryan
