Boway Alloy, the parent of Vietnam-based Boviet Solar, announced plans to sell its U.S. subsidiary, Boviet Solar Technology (North Carolina) LLC, to Inox Solar Americas LLC, a unit of India’s Inox Solar. The transaction, valued at up to $254 million, marks a significant shift in Boway’s global solar strategy while strengthening Inox Solar’s international manufacturing footprint.
Deal Structure and Financial Details
The agreement covers the sale of 100% equity in the North Carolina-based company. Its primary asset is a 3 GW solar module manufacturing plant, which began production and commercial sales in the second half of 2025. To move the deal forward, both parties signed an equity acquisition agreement. Notably, the buyer has deposited $25.4 million into escrow, of which $15 million has been released to the seller—effectively activating the agreement.
A Strategic Reset in a Shifting Market
Overall, the transaction highlights how evolving geopolitical and regulatory frameworks are reshaping global solar supply chains. While Boway exits under pressure, Inox Solar is leveraging the opportunity to establish a stronger foothold in the U.S. market—positioning itself for long-term growth in one of the world’s most competitive renewable energy landscapes.

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