Inox Clean Energy Limited, the integrated renewable energy platform of the INOXGFL Group, has acquired the assets of Boviet Solar Technology LLC through its wholly owned subsidiary, Inox Solar Americas LLC, in a transaction valued at approximately US$750 million.
The acquisition gives Inox Clean access to 3 GW of operational solar module manufacturing capacity in the United States, based on TOPCon technology, along with a binding agreement to acquire an additional 3 GW of solar cell manufacturing capacity, also based on TOPCon technology. The cell manufacturing facility is expected to be commissioned by December 2026.
The transaction represents a major expansion of an Indian renewable energy company into the U.S. solar manufacturing market and establishes Inox Clean as one of the larger Indian integrated renewable energy manufacturing platforms operating in the United States.
Boviet Solar Adds Established U.S. Manufacturing Platform
Headquartered in Greenville, North Carolina, Boviet Solar is a major U.S. solar module manufacturer and has consistently featured among the top 10 manufacturers in BloombergNEF’s Tier 1 PV Module Manufacturer rankings since 2017.
The acquisition also provides Inox Clean with established relationships with leading customers, including multinational energy companies, strengthening the company’s presence in the U.S. solar market.
According to Inox Clean, the transaction provides a ready manufacturing platform at a time when the United States is encouraging greater domestic production of clean energy equipment.
Section 45X Incentives to Support U.S. Manufacturing
The localized manufacturing footprint is expected to provide access to incentives under Section 45X of the U.S. Inflation Reduction Act, potentially improving the economics of domestically manufactured solar products.
The company said the U.S. manufacturing presence could also help mitigate some tariff and policy-related uncertainties associated with imported solar equipment.
The combination of module and cell manufacturing is expected to create an integrated solar manufacturing ecosystem serving the U.S. market.
U.S. Power Demand Creates Solar Growth Opportunity
Inox Clean said the acquisition comes amid a sustained increase in U.S. electricity demand, driven by data centres, artificial intelligence-related workloads, electrification and industrial expansion.
Solar power is expected to remain a major contributor to new U.S. generation capacity due to its scalability, relatively fast deployment timelines and cost competitiveness.
Devansh Jain, Executive Director, INOXGFL Group, said the company sees the U.S. market as an important growth opportunity and described the strategy as “Make in America, For America.”
He said rising electricity demand and structural trends including AI adoption, data centre expansion, electrification and industrial growth are creating favourable conditions for renewable energy deployment.
Inox Clean Targets Integrated Global Manufacturing Expansion
Akhil Jindal, Group CFO, INOXGFL Group, said the acquisition provides the company with a scalable manufacturing platform in a policy-supported U.S. market.
He highlighted the potential benefits from cell supply shortages and Section 45X incentives, which could support the development of an integrated solar manufacturing ecosystem in the country.
Jindal said the transaction was executed at an enterprise value of approximately US$750 million for the module and cell manufacturing assets, adding that the acquisition met the group’s valuation framework and disciplined investment criteria.
Ninth Major Acquisition in Nine Months
The Boviet Solar transaction forms part of Inox Clean Energy’s broader expansion strategy. The company said it has undertaken nine major acquisitions over the past nine months across independent power production (IPP) and solar cell and module manufacturing businesses in India and international markets.
These acquisitions include Vibrant Energy, SkyPower, SunSource Energy and Wind World India, among others, strengthening the group’s presence across renewable energy generation and manufacturing.
Inox Clean is targeting 11 GW of integrated solar manufacturing capacity and 10 GW of operating IPP capacity by FY2028 across India and key international markets, including the U.S. and Africa.
The company expects its EBITDA to reach approximately ₹5,000 crore by FY2027 and ₹12,000 crore by FY2028, supported by the expansion of its renewable generation and manufacturing businesses.
The Boviet Solar acquisition therefore marks a significant step in Inox Clean Energy’s strategy to build an integrated renewable energy platform spanning solar manufacturing, power generation and international markets.
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