A new sign on Sugg Parkway at Martin Luther King Highway announced arrival Boviet Solar to Greenville in late 2024. Earlier this year the company was sold to INOX Solar Americas LLC.
A new sign on Sugg Parkway at Martin Luther King Highway announced arrival Boviet Solar to Greenville in late 2024. Earlier this year the company was sold to INOX Solar Americas LLC.
The sale of a solar panel manufacturer that started operations in Greenville last year hasn’t stopped work at the location in Indigreen Corporate Park.
Boviet Solar Technology LLC announced earlier this year that INOX Solar Americas LLC was purchasing 100% of its United States facilities, including the growing Greenville facility, for $750 million.
The acquisition was completed in late May, but some contracts, such as the economic development agreements Boviet had with the City of Greenville and Pitt County government, had to be transitioned.
Records with the Pitt County Register of Deeds show that on Oct. 28, the transfer of ownership of nearly 34.5 acres of property on Sugg Parkway north of Greenville, along with the buildings, was finalized for $48 million.
An additional 79 acres, plus a manufacturing facility under construction, is still owned by Boviet Solar Americas LLC. The news release announcing the sale said the new manufacturing facility should begin quality assurance checks in December.
The Greenville facility manufactures panels for solar power generation. Boviet is a Vietnamese company; INOX is based in India.
With its acquisition, INOX gains an operational capacity of 3 GW of solar module manufacturing, identified as top-end, N-Type technology. There also is a binding agreement to acquire 3 GW of cell manufacturing capacity when construction and testing of the new facility is complete.
This makes it one of the largest purchases in the renewable space and of U.S. assets by an Indian corporation.
INOX Solar Americas’ strategy wants to expand its presence in U.S. solar manufacturing and strengthen its position across the renewable energy value chain, the company said.
Boviet Solar’s brand, product portfolio and customer relationships remain unchanged, and the company will continue to actively serve the U.S. market through its U.S.-focused manufacturing operations and structured supply chain network, ensuring reliable product availability and execution continuity.
“We are pleased to acquire Boviet Solar Technology LLC’s assets and build upon the strong foundation established by Boviet Solar,” said Devansh Jain, INOXGFL Group executive director. “This facility is an important asset within the U.S. solar manufacturing landscape, and we are committed to continuing its operations and supporting domestic clean energy production.
“This acquisition aligns with our strategy to expand our presence in U.S. solar manufacturing. We remain focused on strengthening the facility’s capabilities, ensuring it continues to support a reliable U.S. solar supply chain including solar modules and cells,” Jain said.
Both companies promised a seamless transition with no impact to customers or projects.
Boviet Solar said in the news release that all existing contracts, delivery schedules, product specifications, and warranties remain fully in place, with projects continuing without interruption.
The Greenville City Council approved the assignment of the economic development agreement it reached with Boviet Solar USA to INOX Solar Americas LLC at its Sept. 14 meeting.
In the agreement, the city states it will pay up to $100,000 a year for five years, not to exceed $500,000 in total, if Boviet Solar, now INOX Solar Americas LLV creates 908 jobs with a combined average wage of $52,879 over a five-year period, along with agreement to pay 50% of employee health insurance or equivalent benefit, make improvements to the former DENSO facility and make other investments in return for a job creation grant equal to $1,000 per person, up to $100,000 annually, for five years, not to exceed $500,000.
The Pitt County Board of Commissioners approved the reassignment of its economic development agreement to INOX at its Oct. 5 meeting. The county agreed to provide annual payments equal to 70% of the ad valorem taxes associated with the additional value as paid to the county between fiscal years 2026-2039 at a cap of $1 million annually, with a cap of $8 million dollars.
Both agreements state the city and county do not have to make payments if the company doesn’t meet its hiring, salary or investment goals.
Information was unavailable about what, if any, name changes may take place at the Greenville facility.
Ginger Livingston can be contacted at glivingston@apgenc.com and 252-329-9570.
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