Indian solar manufacturer Inox Clean Energy has completed the acquisition of US solar manufacturer Boviet Solar Technology in a deal valued at around US$750 million.
Inox, through its wholly owned subsidiary Inox Solar Americas, has gained access to 3GW of operational solar module manufacturing capacity in the US, producing tunnel oxide passivated contact (TOPCon) technology modules.
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The deal also includes a binding agreement for an additional 3GW of solar cell manufacturing facility, which is expected to be operational by December 2026.
Boviet’s manufacturing facility is in Greenville, North Carolina. According to Inox, the acquisition positions it to benefit from domestic manufacturing tax credits available under Section 45X of the IRA, while also strengthening its exposure to the growing US solar supply chain.
The ownership transition comes as solar manufacturers and developers continue to adjust to tightening US regulatory requirements, including rules linked to Foreign Entity of Concern (FEOC) compliance and broader supply chain localisation efforts.
“We are pleased to acquire Boviet Solar’s assets and build upon its strong foundation. This facility is an important asset within the US solar manufacturing landscape, and we are committed to continuing its operations and supporting domestic clean energy production.”
“This acquisition aligns with our strategy to expand our presence in US solar manufacturing. We remain focused on strengthening the facility’s capabilities, ensuring it continues to support a reliable U.S. solar supply chain including solar modules and cells,” said Devansh Jain, group executive director, INOXGFL.
In a statement, Boviet confirmed that the transaction would support the continued expansion of its North Carolina operations and preserve approximately 3GW of annual domestic PV module manufacturing capacity in the US. Further adding that the acquisition would not affect existing customers, contracts or ongoing projects.
The acquisition, first announced in April 2026, forms part of Inox’s wider international expansion strategy. Over the past nine months, the company has completed nine acquisitions across solar manufacturing and independent power producer (IPP) businesses in India and overseas, including deals involving Vibrant Energy, SkyPower, SunSource Energy and Wind World India.
Inox Clean Energy is targeting 11GW of integrated solar manufacturing capacity and 10GW of operational IPP capacity by FY2028 across India, the US and Africa.
