Indian solar manufacturer Inox Solar has entered into an agreement with Chinese technology and manufacturing firm Ningbo Boway Alloy Material to acquire all the equity stakes of its US subsidiary Boviet Solar Technology.
The acquisition also includes the 3GW module assembly plant in North Carolina and comes months after Ningbo Boway Alloy Material said it was “evaluating strategic alternatives” to its ownership of Boviet Solar, which it owned since 2016.
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It also reflects the change in the US regulatory framework with the implementation of Foreign Entity of Concern (FEOC) at the beginning of this year, which was one of the reasons Ningbo was looking to divest its ownership in Boviet Solar.
“The exit of Boviet Solar represents the latest in a series of Chinese module manufacturers withdrawing from the US manufacturing landscape. This departure stems from increasingly stringent restrictions imposed on Chinese-owned companies operating in US markets, particularly regarding market access and compliance requirements. Boviet Solar would have faced significant challenges in maintaining compliance with these evolving regulatory constraints,” explains Moustafa Ramadan, PV Tech’s head of market research.
With the acquisition of Boviet Solar, Inox Solar expands its manufacturing footprint outside India and caters to the US market without being exposed to any upcoming antidumping duty and/or countervailing duty (AD/CVD) rates on Indian-imported cells.
A recent article for PV Tech Premium, Ramadan wrote that the inclusion of India in the list of countries affected by US AD/CVD underscored “its growing importance as a manufacturing base and the competitive threat it poses to established players”. The article explores how solar manufacturers’ investments in the US and India are set to drive a rebound in capital expenditure this year (subscription required).
Moreover, Inox Solar’s acquisition marks the entry of another Indian solar manufacturer with domestic manufacturing capacity, following Waaree Energies’ module assembly plant in Texas, which last year announced a capacity expansion that would double its operational nameplate capacity from 1.6GW to 3.2GW.
In its home country, Inox Solar has recently secured equity financing to help reach its target of 11GW of annual module nameplate capacity by fiscal year 2028. One of the manufacturing locations for this target will be in the eastern state of Odisha, where Inox secured land to build a 4.8GW solar cell and module assembly plant.
PV Tech reached out to Inox Solar regarding the acquisition of Boviet Solar and its US manufacturing expansion.
According to Boviet Solar, the transaction is currently in progress and remains subject to customary approvals and closing conditions.

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