Boviet Solar sells U.S. PV module factory to Inox Solar for up to $254 million

Boviet Solar, a subsidiary of Boway Alloy, agreed to sell its U.S. solar module manufacturing subsidiary Boviet Solar Technology (North Carolina) LLC to Inox Solar Americas LLC for up to $254 million. The transaction includes 100% equity of the North Carolina company, which operates a 3 GW solar module plant that began production and external sales in the second half of 2025. Inox Solar Americas LLC is a unit of Indian solar manufacturer Inox Solar, while Boway Alloy is the Vietnam-based parent company of Boviet Solar. The deal was partially secured via escrow, with the buyer placing a $25.4 million deposit and $15 million already released to the seller, confirming the agreement's activation. Boway explicitly linked the divestment to regulatory pressure from U.S. Foreign Entities of Concern (FEOC) policy changes, which threatened the viability of its U.S. solar assets due to reduced federal support starting January 1, 2026. The sale excludes a separate 2 GW per year U.S. cell project still under construction and under negotiation for divestment.

Counterparts (6)

parent_company

Boway Alloy

company · 1 deals

I

Inox Solar

company · 1 deals

Partner

Inox Clean Energy Limited

company · 1 deals

Seller

Cary, North Carolina

company · 1 deals

Cary, NC-based engineering and planning firm with over 6,000 employees, specializing in a wide range of infrastructure projects across North America. Provides multidisciplinary services from planning and design to construction administration for transportation, water, land development, and environmental sectors.

Boviet Solar

company · 1 deals

Vietnam-based solar PV module manufacturer with U.S. production, specializing in high-efficiency monofacial and bifacial modules for utility-scale, commercial, and residential solar projects.

Buyer

I

Inox Solar Americas LLC

company · 1 deals