Inox Clean Energy acquires Boviet Solar's North Carolina solar module and cell manufacturing assets in the U.S.
Type: Acquisition · Technology: Solar · Country: United States · Capacity: 3 GW · Value: $750M · Announced: 2026-05-15
Inox Clean Energy Ltd, the renewable energy platform of INOXGFL Group, acquired the North Carolina-based solar module and cell manufacturing assets of Boviet Solar through its subsidiary Inox Solar Americas, LLC for USD 750 million. The deal includes an operational 3 GW TOPCon solar module manufacturing capacity and a binding agreement to acquire an additional 3 GW of TOPCon cell manufacturing capacity, expected to be commissioned by December 2026. This acquisition positions Inox Clean as one of the largest Indian integrated renewable energy manufacturing platforms in the U.S., aligning with the 'Make in America, For America' initiative and unlocking eligibility for U.S. government incentives under Section 45X. The transaction strengthens Inox Clean's foothold in the U.S. market, leveraging Boviet Solar's existing relationships with major multinational energy companies. The deal is part of Inox Clean's broader strategy to expand its integrated solar manufacturing capacity to 11 GW and operating IPP capacity to 10 GW by FY2028 across India, the U.S., and Africa.
Counterparties
- Inox Solar Americas, LLC (Buyer)
- Inox Clean Energy Ltd (Buyer)
- Boviet Solar (Seller)
- InoxGFL Group (Parent Company)