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A joint venture between India’s Inox Clean Energy and RJ Corp has acquired Skypower Service MENA to enter the African renewable energy market.
The venture aims to commission nearly 570 megawatts (MW) of renewable energy capacity in the first phase, Inox Clean said in a statement.
Dubai-headquartered Skypower Services MENA, part of SkyPower Global, focuses on developing, financing, building, and operating utility-scale solar projects, with a large-scale development pipeline across high-growth African countries, including Zambia, Zimbabwe, and the Democratic Republic of Congo (DRC).
SkyPower Global, which is based both in the UAE and Canada, has built, assembled and acquired an extensive pipeline of over 25 gigawatts (GW) worldwide, some of which are in bilateral agreements and contract awards, to be built in the Middle East, Africa, South East and Central Asia over the coming years, according to its website.
Inox Clean is targeting 2.5 GW of installed renewable energy generation capacity in Africa by 2029, with debt financing for the projects expected to be secured from multilateral agencies, the statement said.
(Writing by P Deol; Editing by Anoop Menon)
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