Inox Clean Energy Limited (“Inox Clean”), the integrated renewable energy platform of the INOXGFL Group, announced the purchase of assets of Boviet Solar Technology LLC (“Boviet Solar”) through its wholly owned subsidiary, Inox Solar Americas, LLC.
Through this asset purchase, Inox Clean gains an operational capacity of 3 GW of solar module manufacturing (top-end technology TopCon) and a binding agreement to acquire 3 GW of cell manufacturing capacity (top-end technology TopCon), which is expected to be commissioned by December 2026. This makes it one of the largest purchases in the renewable space, that too of US assets by an Indian group.
Boviet Solar, headquartered in Greenville, North Carolina, is one of the largest solar module manufacturers in the United States and has consistently ranked among the top 10 in the Bloomberg New Energy Finance (BNEF) Tier 1 PV Module Manufacturer rankings since 2017 and this marquee positioning shall be available to INOXGFL Group.
This asset purchase also unlocks significant economic advantages under the U.S. government’s domestic manufacturing push. The products sold will be eligible for incentives under Section 45X, enhancing profitability while also mitigating tariff- and policy-related uncertainties through a localized manufacturing footprint.
Boviet Solar has established relationships with leading customers, including large multinational energy companies, further strengthening Inox Clean’s foothold in the U.S. market.
This asset purchase establishes Inox Clean as one of the largest Indian integrated renewable energy manufacturing platforms in the United States and represents a pivotal entry into the world’s most dynamic and rapidly evolving solar market.
With power demand in the U.S. entering a sustained growth phase—driven by data centers, AI-led workloads, electrification, and industrial expansion—solar energy continues to account for the largest share of incremental capacity additions, owing to its speed, scalability, and cost competitiveness.
Commenting on the development, Mr. 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 center 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.”
Adding further, Mr. 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 U.S. manufacturing ecosystem. The transaction has been executed at an enterprise value of USD ~750 million for both module and cell manufacturing. The deal fulfils all criteria wrt valuation framework, reinforcing our disciplined approach to growth.”
Inox Clean, in the last nine months, has made nine marquee acquisitions across IPP and solar cell and module manufacturing in India and globally, including Macquarie-owned Vibrant Energy, Sky Power, SunSource Energy, and Wind World India, thereby consolidating its position as a diversified and fast-scaling clean energy platform.
Inox Clean is targeting 11 GW of integrated solar manufacturing capacity and 10 GW of operating IPP capacity by FY2028 across India and key global markets, including the U.S. and Africa. With this acquisition, Inox Clean is on track to deliver substantial value, with EBITDA projected to scale to approximately ₹5,000 crore by FY2027 and ₹12,000 crore by FY2028.
