Inox Clean Energy, the renewable energy arm of the INOXGFL Group, has acquired the US solar manufacturing assets of Boviet Solar Technology LLC — a company linked to China’s Boway Group — in a deal valued at nearly $750 million (₹7,175 crore). The acquisition marks a major strategic move by Inox Clean as it strengthens its global renewable energy footprint and taps into the rapidly evolving US solar supply-chain market. The company believes the deal offers a significant “first-mover advantage” amid growing demand for domestically manufactured solar equipment in the United States.
Acquisition executed through US subsidiary
The transaction was carried out through Inox Clean’s wholly owned subsidiary, Inox Solar Americas LLC. It also represents the company’s first large-scale manufacturing investment in the US and its second overseas acquisition after expanding into Africa in February 2026. The deal has been structured in two phases to create an integrated solar manufacturing platform in the US.
6 GW integrated solar manufacturing base
In the first phase, Inox Clean acquired an operational 3 GW solar module manufacturing facility in the US that is based on advanced TopCon technology. In the second phase, the company acquired a 3 GW solar cell manufacturing facility that is currently under construction and expected to become operational by December 2026. Together, the two facilities will provide Inox Clean with a 6 GW integrated solar manufacturing base in the United States, significantly enhancing its global manufacturing capabilities.
Immediate access to the US solar supply chain
Headquartered in Greenville, Boviet Solar Technology LLC is considered one of the established solar module manufacturers in the US market. The acquisition also gives Inox Clean access to Boviet Solar’s existing relationships with global energy customers, enabling the company to secure an immediate position within the US solar supply chain. “This will be our first foray into the US market. The acquisition is being done in two parts — an existing 3 GW module facility and a 3 GW cell facility under construction,” a company official told Businessline. The official added that the acquisition would be largely funded through internal accruals.
Boost from US clean energy incentives
The acquisition is expected to strengthen Inox Clean’s ability to benefit from US government support for domestic clean energy manufacturing. In particular, the company stands to gain from incentives available under Section 45X of the Inflation Reduction Act, which offers production-linked benefits for locally manufactured solar components. As reported by thehindubusinessline.com, by establishing manufacturing operations in the US, Inox Clean aims to improve project economics while positioning itself as a long-term player in the global renewable energy supply chain.
