Inox Clean Energy Ltd, INOXGFL Group’s renewable energy arm, has acquired the US solar manufacturing assets of Boviet Solar Technology LLC — part of China’s Boway Group — for about $750 million (₹7,175 crore), marking a strategic push into the United States amid a shifting global solar supply-chain landscape, where it sees a “first-mover advantage.”
The deal, executed through its wholly owned subsidiary, Inox Solar Americas LLC, also marks the company’s first major manufacturing entry into the US and its second overseas acquisition after its Africa foray in February 2026. The transaction is structured in two parts. In the first leg, Inox Clean acquired an operational 3 GW solar module manufacturing facility in the US, built on TopCon technology. In the second leg, it acquired a 3 GW solar cell manufacturing facility that is currently under construction, and expected to be commissioned by December 2026. Together, this gives Inox Clean a 6 GW integrated solar manufacturing base in the US.
Two-stage deal
Boviet Solar, headquartered in Greenville, North Carolina, is a US-based solar manufacturing platform owned by China’s Boway Group. It is among established solar module makers in the US. The assets also come with existing relationships with global energy customers, giving Inox Clean an immediate entry into the US supply chain. “This will be our first foray into the US market. The acquisition is being done in two parts — an existing 3 GW module facility and a 3 GW cell facility under construction,” a company official told the businessline, adding that the deal will be largely funded through internal accruals. The acquisition also positions Inox Clean to benefit from US policy support for domestic manufacturing, particularly incentives under Section 45X of the Inflation Reduction Act, which improves project economics for local production.
The US solar manufacturing ecosystem, earlier driven by strong tax incentives and localisation support, is now witnessing a policy recalibration marked by increasing scrutiny of China-linked ownership, technology and supply-chain exposure. This has created regulatory uncertainty around eligibility for incentives, particularly where Chinese inputs or control are involved, making investors, lenders and insurers more cautious and leading to delays or reassessments of several solar manufacturing projects.
The shift highlights a broader policy tension in the US between scaling clean energy capacity to meet rapidly rising electricity demand and reducing dependence on China-dominated global solar supply chains. An Inox Clean official said the company has benefited from a “first-mover advantage” amid the evolving US policy environment, which has increased scrutiny on China-linked clean energy assets.
Devansh Jain, Executive Director, INOXGFL Group, stated in an official release that the US is entering a strong demand phase. “Electricity demand is rising sharply due to AI, data centres, electrification and industrial growth. This creates a strong opportunity to scale manufacturing in the US,” he said. Inox Clean has completed nine acquisitions in the last nine months across renewable energy and manufacturing assets globally, including Vibrant Energy, SunSource Energy and Wind World India. Earlier, in 2026, it also acquired Skypower Services MENA Ltd, in partnership with RJ Corp, marking its entry into Africa.
The company is targeting 11 GW of integrated solar manufacturing capacity and 10 GW of operational IPP capacity by FY28 across India, US and Africa.
Published on May 14, 2026