Inox Clean Acquires Boviet Solar Assets in USD 750 Million Deal, Marks Strategic Entry into US

Inox Clean Energy Ltd, the renewable energy platform of the INOXGFL Group, has acquired the assets of US-based Boviet Solar Technology LLC through its wholly owned subsidiary, Inox Solar Americas LLC, marking the group’s strategic entry into the United States solar manufacturing market.

The acquisition gives Inox Clean immediate operational capacity of 3 GW in solar module manufacturing based on TopCon technology, along with a binding agreement to acquire an additional 3 GW of solar cell manufacturing capacity, expected to be commissioned by December 2026.

The transaction, valued at around USD 750 million, is among the largest acquisitions of US renewable energy assets by an Indian company. The deal strengthens Inox Clean’s manufacturing footprint in the US amid rising demand for domestically produced solar equipment.

Boviet Solar, headquartered in Greenville, North Carolina, is among the largest solar module manufacturers in the United States and has featured in BloombergNEF’s Tier 1 PV module manufacturer rankings since 2017.

The acquisition also allows Inox Clean to benefit from incentives under the US government’s Section 45X domestic manufacturing programme, while reducing tariff and policy-related risks through localized manufacturing operations.

Inox Clean said that the acquisition aligns with its 'Make in America, For America' strategy and strengthens its access to multinational energy customers already associated with Boviet Solar.

Commenting on the development, Devansh Jain, Executive Director of INOXGFL Group, said that the US market presents strong long-term growth opportunities driven by rising power demand from AI-led workloads, data centers, electrification and industrial expansion.

Group CFO Akhil Jindal said that the acquisition provides a scalable platform in a policy-supported market and positions the company to build an integrated solar manufacturing ecosystem in the US.

Over the past nine months, Inox Clean has completed nine acquisitions across renewable energy and solar manufacturing, including Vibrant Energy, SkyPower, SunSource Energy and Wind World India.

The company is targeting 11 GW of integrated solar manufacturing capacity and 10 GW of operational renewable IPP capacity by FY2028 across India, the US and Africa. It has projected EBITDA of around INR 5,000 crore by FY2027 and INR 12,000 crore by FY2028.