Inox Clean Energy Limited Acquires Boviet Solar Technology LLC Assets to Build 6 GW U.S. Solar Manufacturing Platform

Inox Clean Energy Limited has announced the acquisition of assets of U.S.-based Boviet Solar Technology LLC through its wholly owned subsidiary, Inox Solar Americas LLC, marking a major expansion of the INOXGFL Group into the United States solar manufacturing market.

The transaction provides Inox Clean with an operational 3 GW solar module manufacturing facility based on TopCon technology, along with a binding agreement to acquire an additional 3 GW solar cell manufacturing facility, which is expected to become operational by December 2026. The acquisition is being positioned as one of the largest renewable energy asset purchases by an Indian company in the United States.

Headquartered in Greenville, North Carolina, Boviet Solar has consistently ranked among BloombergNEF’s Tier 1 PV module manufacturers since 2017 and maintains established relationships with leading multinational energy companies operating in the U.S. market.

According to the company, the acquisition strengthens Inox Clean’s manufacturing presence in the United States while enabling access to incentives available under Section 45X of the U.S. Inflation Reduction Act, which supports domestic clean energy manufacturing. The localised manufacturing footprint is also expected to reduce tariff exposure and policy-related risks while improving long-term profitability.

The expansion comes amid rising electricity demand in the United States driven by data centre growth, artificial intelligence workloads, industrial expansion, and electrification trends, all of which are accelerating demand for renewable energy infrastructure.

Devansh Jain, Executive Director of the INOXGFL Group, said the acquisition aligns with the group’s strategy to establish a “Make in America, For America” renewable energy platform capable of serving the rapidly expanding U.S. clean energy market. He noted that structural changes in the U.S. energy sector are creating significant long-term opportunities for solar manufacturing and renewable power deployment.

Akhil Jindal, Group CFO of INOXGFL Group, stated that the transaction, valued at approximately USD 750 million for both module and cell manufacturing assets, provides the company with a scalable manufacturing platform in a policy-supported and high-margin market. He added that ongoing supply shortages in solar cells and the availability of 45X tax incentives are expected to create strong growth opportunities for the business.

The acquisition forms part of Inox Clean’s broader global expansion strategy. Over the past nine months, the company has completed nine acquisitions across renewable energy generation and solar manufacturing, including deals involving Vibrant Energy, SkyPower, SunSource Energy, and Wind World India.

Inox Clean is targeting 11 GW of integrated solar manufacturing capacity and 10 GW of operational independent power producer (IPP) capacity by FY2028 across India, the United States, and African markets. The company also projects EBITDA growth to approximately ₹5,000 crore by FY2027 and ₹12,000 crore by FY2028 as it scales its renewable energy platform globally.