Through this million asset purchase, Inox Clean acquires 3 GW of operational TOPCon solar module manufacturing capacity in the United States, aligning with the “Make in America, For America” initiative.
Boviet Solar’s factory in Greenville, North Carolina, United States
Image: Boviet Solar
From pv magazine India
Inox Clean Energy Ltd (Inox Clean), the integrated renewable energy platform of the Inoxgfl Group, has announced the acquisition of the North Carolina assets of Boviet Solar through its wholly owned subsidiary, Inox Solar Americas, LLC.
The acquisition adds 3 GW of operational TOPCon solar module manufacturing capacity to Inox Clean’s portfolio, along with a binding agreement to acquire another 3 GW of TOPCon cell manufacturing capacity expected to be commissioned by December 2026. The transaction marks one of the largest acquisitions of U.S. renewable energy assets by an Indian company.
The asset purchase establishes Inox Clean among the largest Indian integrated renewable energy manufacturing platforms in the United States and represents a strategic entry into one of the world’s fastest-growing solar markets.
“The acquisition also unlocks significant economic benefits under the U.S. government’s domestic manufacturing incentives. Products manufactured at the facility will qualify for Section 45X incentives, supporting profitability while reducing exposure to tariffs and policy-related risks through a localized manufacturing footprint,” Inox Clean said.
“This acquisition provides a ready and scalable platform in a high-margin, policy-supported market,” the company added. “With cell shortages and Section 45X incentives creating favorable market conditions, we are well-positioned to build an integrated U.S. manufacturing ecosystem. The transaction has been executed at an enterprise value of approximately $750 million for the module and cell manufacturing assets. The deal meets all criteria under our valuation framework, reinforcing our disciplined approach to growth.”
Over the past nine months, Inox Clean has completed nine acquisitions across the independent power producer (IPP) and solar cell and module manufacturing sectors in India and international markets, including Vibrant Energy, SkyPower, SunSource Energy, and Wind World India, expanding its clean energy portfolio.
Inox Clean is targeting 11 GW of integrated solar manufacturing capacity and 10 GW of operational IPP capacity by FY2028 across India and key international markets, including the United States and Africa.
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