Inox Clean Energy, the renewable energy platform of INOXGFL Group, has acquired the assets of US-based solar manufacturer Boviet Solar Technology LLC through its wholly owned subsidiary, Inox Solar Americas LLC, in a deal valued at about $750 million.
The transaction gives Inox Clean access to 3 GW of operational solar module manufacturing capacity in the United States using TopCon technology. It also includes a binding agreement to acquire 3 GW of solar cell manufacturing capacity, which is expected to become operational by December 2026.
Boviet Solar, headquartered in Greenville, North Carolina, manufactures solar modules in the US and has featured in BloombergNEF’s Tier 1 PV module manufacturer rankings since 2017.
The acquisition expands Inox Clean’s manufacturing presence in the US at a time when domestic production incentives under Section 45X of the Inflation Reduction Act are supporting local solar manufacturing. The company said products manufactured at the facilities would qualify for those incentives.
US manufacturing expansion
Devansh Jain, Executive Director at INOXGFL Group, said the acquisition aligns with rising US electricity demand driven by artificial intelligence workloads, data centres, electrification and industrial growth.“Our entry through Boviet Solar positions us to participate in this opportunity at scale, backed by an integrated platform aligned with evolving market and policy dynamics,” Jain said.
Akhil Jindal, Group CFO at INOXGFL Group, said the transaction gives the company “a ready, scalable platform” in the US market. “With cell shortages and 45X incentives creating strong value tailwinds, we are well-positioned to build an integrated US manufacturing ecosystem,” Jindal said.
Expansion through acquisitions
Inox Clean said it has completed nine acquisitions over the past nine months across independent power production and solar manufacturing businesses in India and overseas. These include acquisitions involving Vibrant Energy, Sky Power, SunSource Energy and Wind World India.The company said it is targeting 11 GW of integrated solar manufacturing capacity and 10 GW of operational independent power producer capacity by FY2028 across India, the US and Africa.
