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Inox Clean Energy Ltd, the renewable energy arm of the Inoxgfl Group, has finalized the purchase of Boviet Solar’s manufacturing operations in North Carolina. This information was originally reported by pv magazine India.
Through its fully owned subsidiary Inox Solar Americas LLC, the company has added 3 GW of functioning TOPCon solar module production capacity to its holdings. Furthermore, a binding commitment exists to secure an extra 3 GW of TOPCon cell production capacity, which is slated to begin operations by the end of 2026. This deal is noted as one of the most significant purchases of U.S. renewable energy assets by an Indian firm.
The acquisition positions Inox Clean among the leading Indian integrated renewable energy manufacturers in the U.S. and marks a calculated entry into a rapidly expanding solar market. Inox Clean stated that the purchase unlocks considerable financial advantages through U.S. domestic manufacturing incentives. Goods produced at the site will be eligible for Section 45X tax credits, which the company says will bolster profitability and lower exposure to tariffs and policy uncertainties by relying on a domestic production base.
The company further explained that the acquisition offers an immediately available and expandable platform in a high-margin, policy-favorable environment. With existing cell supply constraints and the benefits of Section 45X creating advantageous conditions, Inox Clean believes it is well-placed to develop a comprehensive U.S. manufacturing network. The transaction was valued at roughly $750 million for the combined module and cell production assets, and it satisfies all requirements of the company’s valuation strategy.
In the preceding nine months, Inox Clean has carried out nine acquisitions in the independent power producer and solar cell and module manufacturing fields within India and abroad, including the purchases of Vibrant Energy, SkyPower, SunSource Energy, and Wind World India. The company aims to achieve 11 GW of integrated solar manufacturing capacity and 10 GW of operational IPP capacity by the fiscal year 2028, spanning India and key global markets such as the United States and Africa.
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