Inox Clean, RJ Corp form Green Power JV, to invest Rs 1,700 cr in Africa

New Delhi | Mumbai: Renewable energy company Inox Clean Energy and RJ Corp, a multinational group with interests in food & beverages, have entered into an equally owned joint venture that will start by investing '1,700 crore in Africa for renewable energy generation projects, according to people in the know. The two sides announced the JV on Thursday via a press statement that did not disclose the financial details or the shareholding structure.

Inox Clean Energy is part of the INOXGFL Group. RJ Corp is the holding company for Pepsi bottler Varun Beverages as well as KFC and Pizza Hut franchisee Devyani International.

RJ Corp has significant food and beverage operations in Africa, making the investment synergistic, the people said.


RJ Corp and Inox Clean Energy declined to comment on the investment when contacted.

Through this joint venture, the companies acquired Skypower Services MENA Ltd, which focuses on developing and operating utility-scale solar projects, with a large-scale development pipeline across African countries, including Zambia, Zimbabwe and the Democratic Republic of Congo. These markets are witnessing rising power demand and a strong push for clean, reliable energy infrastructure, the statement said.

The companies aim to commission about 570 MW of renewable energy capacity in the first phase and scale it up to 2.5 GW by FY29.

INOXGFL group executive director Devansh Jain said Inox Clean's Africa entry marked "a defining step in our global expansion journey".

RJ Corp chairman Ravi Jaipuria said the partnership allows the company to leverage Inox Clean's renewable energy expertise to decarbonise its operations while ensuring reliable and cost-efficient power. The Africa projects are part of a multi-gigawatt pipeline under the acquisition.