Renewable energy company Inox Clean Energy announced that it has acquired module and cell manufacturing capacity of 3 gigawatt each from Boviet Solar Technology LLC, a solar manufacturing firm based in the United States, in a $750 million deal.
The solar module plant is operational, but the cell manufacturing capacity is expected to be commissioned by December 2026, the company said in a statement.
The acquisition of the solar assets has been made through the company’s wholly-owned subsidiary Inox Solar Americas LLC.
The statement said the asset purchase unlocks significant economic advantages under the US government’s domestic manufacturing push. The module and cell capacity will be eligible for incentives, which will enhance the company’s profitability and mitigate tariff- and policy-related uncertainties through a localised manufacturing footprint.
“With the US witnessing 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,” said Devansh Jain, executive director, INOXGFL Group.
Akhil Jindal, group chief financial officer, 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.”
He also added that the company’s entry into the US through Boviet Solar positions it to participate in this opportunity at scale, backed by an integrated platform aligned with evolving market and policy dynamics.
Inox Clean, the integrated renewable energy platform of the INOXGFL Group, operates across the renewable independent power producer (IPP) business through its subsidiary Inox Neo and the solar manufacturing business through its subsidiary Inox Solar. The group is targeting 10 GW of installed RE IPP capacity and 11 GW of integrated solar manufacturing capacity by FY28, spread across India, the US, and Africa.
The company last month acquired Vibrant Energy, a Macquarie-owned RE IPP, at an enterprise value of about Rs 5,000 crore. Apart from this, it has made eight more acquisitions in India and globally in the past nine months, including Sky Power, SunSource Energy, and Wind World India.
