Boviet Solar Technology LLC has announced the sale of 100% of its U.S.-based subsidiary assets to Inox Solar Americas LLC, a company backed by Inox Clean Energy Limited and the INOXGFL Group, in a transaction valued at approximately $750 million.
The deal, expected to close in May pending customary regulatory approvals and conditions, marks one of the largest acquisitions of U.S. renewable energy assets by an Indian business group.
Through the acquisition, Inox Solar Americas LLC will gain access to 3 GW of operational solar module manufacturing capacity based on advanced N-Type technology, along with a binding agreement to acquire an additional 3 GW solar cell manufacturing facility that is expected to become operational by December 2026.
The acquisition is aimed at strengthening Inox’s presence in the U.S. solar manufacturing market and expanding its position across the renewable energy value chain.
According to the companies, Boviet Solar Technology LLC’s brand identity, product portfolio, customer relationships, and supply chain operations will remain unchanged following the transaction. The company stated that existing contracts, product warranties, delivery schedules, and ongoing projects will continue without disruption.
The transaction also reflects Boviet Solar’s strategic realignment with evolving U.S. regulatory frameworks, including policies linked to Foreign Entity of Concern (FEOC) requirements and increasing emphasis on supply chain transparency and financing eligibility within the U.S. renewable energy sector.
Jimmy Xie, President and General Manager of Boviet Solar Technology LLC, said the transition is intended to strengthen the company’s long-term operational stability, reduce regulatory complexity, and maintain strong bankability for customers and project developers in the United States.
The company confirmed that its North Carolina manufacturing facility, which began commercial production in 2025, will continue operating under the new ownership structure. The facility is considered a key part of domestic U.S. solar manufacturing capacity and will continue supporting workforce continuity, clean energy production, and regional economic growth.
Devansh Jain, Executive Director of the INOXGFL Group, stated that the acquisition aligns with the group’s strategy to expand its footprint in the U.S. solar manufacturing sector while strengthening domestic supply chain capabilities for solar modules and solar cells.
The companies added that the strategic transition is expected to improve regulatory alignment, reduce compliance risks, and strengthen financing confidence for developers, investors, lenders, and EPC companies operating in the U.S. renewable energy market.
Boviet Solar Technology LLC also stated that it will continue focusing on solar technology innovation, manufacturing efficiency, and long-term value creation while supporting next-generation solar energy projects across the United States.
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