Inox Clean Energy Limited has acquired 100% of the shareholding in SkyPower Services MENA Ltd from the SkyPower Group, through a equal joint venture formed with RJ Corp, to foray into the African market.
Cyril Amarchand Mangaldas advised Inox Clean Energy on the acquisition as well as the formation of the joint venture.
The transaction team was led by Ajay Sawhney (Partner, Head - Northern Region) and Rachika A. Sahay (Partner), with assistance from Siddhant Satapathy (Principal Associate), Mrinal Mishra (Senior Associate) and Govind Sharma (Associate).
CAM also advised the SkyPower Group (SkyPower Southeast Asia Holdings 2 Ltd.) on this transaction.
The transaction team was led by Ramanuj Kumar (Partner, Co-Head - Projects (Energy & Energy Transition)) and Aiswarja Mohanty (Partner), with assistance from Rashika Bhardwaj (Associate).
SkyPower MENA is in the process of implementing solar projects in the Democratic Republic of Congo, Zambia and Zimbabwe aggregating to a capacity of 2.5 GW.
In the first phase, the joint venture aims to commission 570 MW of renewable energy capacity. The projects form part of a multi-gigawatt pipeline and are supported by sovereign backed power purchase agreements. Inox Clean Energy is targeting 2.5 GW of renewable energy capacity in Africa by financial year 2029.
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