Inox Clean Energy Limited, the integrated renewable energy platform of the INOXGFL Group, on Thursday announced the acquisition of assets of Boviet Solar Technology LLC through its wholly-owned subsidiary, Inox Solar Americas LLC, marking the group’s strategic entry into the US solar manufacturing market. 

The acquisition gives Inox Clean access to an operational 3 GW solar module manufacturing facility based on advanced TopCon technology, along with a binding agreement to acquire an additional 3 GW solar cell manufacturing capacity, also based on TopCon technology, which is expected to be commissioned by December 2026. 

Commenting on the development, Devansh Jain, Executive Director, INOXGFL Group, said, “Growth is an inherent part of our business, and with the United States witnessing strong and accelerating demand for power—driven by structural shifts such as AI adoption, data centre expansion, electrification, and industrial growth—this is an opportune moment for Inox Clean to ‘Make in America, For America.’ Our entry through Boviet Solar positions us to participate in this opportunity at scale, backed by an integrated platform aligned with evolving market and policy dynamics. As the global focus returns to securing stable and sustainable energy sources, we believe the renewable sector is poised for significant growth, and Inox Clean is well positioned to lead this transition.”

The company described the transaction as one of the largest renewable energy asset acquisitions in the US by an Indian conglomerate. 

Headquartered in Greenville, Boviet Solar Technology LLC is among the largest solar module manufacturers in the United States and has consistently featured in the Bloomberg New Energy Finance (BNEF) Tier 1 PV Module Manufacturer rankings since 2017. 

The acquisition is expected to provide Inox Clean with strategic access to the rapidly growing US renewable energy market while also enabling it to benefit from incentives under Section 45X of the US government’s domestic manufacturing programme. The incentives are aimed at strengthening local clean energy manufacturing and reducing reliance on imports. 

The company said the localised manufacturing footprint would also help mitigate tariff- and policy-related risks while improving profitability. 

Boviet Solar Technology LLC has established relationships with several multinational energy companies, which Inox Clean expects will strengthen its foothold in the U.S. solar ecosystem.  

Akhil Jindal, Group CFO, INOXGFL Group, said, “This asset purchase provides us with a ready, scalable platform in a high-margin and policy-supported market. With cell shortages and 45X incentives creating strong value tailwinds, we are well-positioned to build an integrated US manufacturing ecosystem. The transaction has been executed at an enterprise value of $750 million for both module and cell manufacturing. The deal fulfils all criteria wrt valuation framework, reinforcing our disciplined approach to growth.” 

According to the company, the transaction has been executed at an enterprise value of nearly $750 million covering both module and cell manufacturing assets. 

The acquisition is part of Inox Clean’s broader expansion strategy. Over the past nine months, the company has completed nine acquisitions across the independent power producer (IPP) and solar manufacturing segments in India and overseas, including acquisitions involving Vibrant Energy, SkyPower Global, SunSource Energy and Wind World India. 

Inox Clean is targeting 11 GW of integrated solar manufacturing capacity and 10 GW of operating IPP capacity by FY28 across India and key global markets, including the US and Africa. The company expects the acquisition-led expansion to significantly boost earnings, with EBITDA projected to rise to around ₹5,000 crore by FY27 and nearly ₹12,000 crore by FY28.