By Enersider Desk | New Delhi
Inox Clean Energy Limited, the integrated renewable energy platform of the INOXGFL Group, has announced the purchase of assets of Boviet Solar Technology LLC through its wholly owned subsidiary, Inox Solar Americas, LLC.
Image Credit: Inox Clean
Through this asset purchase, Inox Clean gains an operational capacity of 3 GW of solar module manufacturing (TopCon technology) and a binding agreement to acquire 3 GW of cell manufacturing capacity (TopCon technology), which is expected to be commissioned by December 2026. This makes it one of the largest purchases of US assets by an Indian group in the renewable space.
Boviet Solar, headquartered in Greenville, North Carolina, is a solar module manufacturer in the United States and has ranked among the top 10 in the Bloomberg New Energy Finance (BNEF) Tier 1 PV Module Manufacturer rankings since 2017.
The products sold will be eligible for incentives under the US government’s Section 45X, enhancing profitability while mitigating tariff- and policy-related uncertainties through a localized manufacturing footprint. Boviet Solar has established relationships with leading customers including large multinational energy companies.
Devansh Jain, Executive Director, INOXGFL Group, said: “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.”
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. The transaction has been executed at an enterprise value of USD approximately 750 million for both module and cell manufacturing.”
Inox Clean has made nine acquisitions across IPP and solar manufacturing in India and globally in the last nine months. The company is targeting 11 GW of integrated solar manufacturing capacity and 10 GW of operating IPP capacity by FY2028 across India, the US and Africa.
Inox Clean is targeting EBITDA of approximately ₹5,000 crore by FY2027 and ₹12,000 crore by FY2028. The company operates across renewable IPP under its subsidiary Inox Neo and solar manufacturing under Inox Solar Limited, with assets spread across India, the US and Africa.
