Inox Clean Acquires Solar Energy Assets in US for $750 Million

Home-grown renewable energy firm Inox Clean has acquired 3 GW module and 3 GW cell manufacturing capacity from Boviet Solar in the US in a USD 750-million deal.

While the solar module capacity is operational, the cell manufacturing capacity is expected to be commissioned by the end of this year, Inox Clean Energy Ltd (Inox Clean) said in a statement.

The company has acquired the assets of Boviet Solar Technology LLC (Boviet Solar) through its wholly-owned subsidiary, Inox Solar Americas LLC, as per the statement.

Through this asset purchase, Inox Clean has gained an operational capacity of 3 GW of solar module manufacturing and a binding agreement to acquire 3 GW of cell manufacturing capacity, the INOXGFL Group company said.

The asset purchase also unlocks significant economic advantages under the US government’s domestic manufacturing push. The products sold will be eligible for incentives, enhancing profitability while also mitigating tariff- and policy-related uncertainties through a localised manufacturing footprint, the company said.

Devansh Jain, Executive Director, INOXGFL Group, said, "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." "Our entry in the US through Boviet Solar positions us to participate in this opportunity at scale, backed by an integrated platform aligned with evolving market and policy dynamics," he added.

Inox Clean, the integrated renewable energy platform of the INOXGFL Group, operates across the renewable IPP (Independent Power Producer) business through its subsidiary, Inox Neo, and the solar manufacturing business through its subsidiary, Inox Solar Ltd.

The company is targeting 10 GW of installed renewable energy IPP capacity and 11 GW of integrated solar manufacturing capacity by FY28, with assets spread across India and multiple key global geographies, including the US and Africa.

Boviet Solar, headquartered in Greenville, North Carolina, is one of the largest solar module manufacturers in the United States.