New Delhi, May 15 -- India's Inox Clean Energy has acquired the US solar manufacturing assets of Boviet Solar Technology LLC for an enterprise value of about $750 million (Rs 7,195 crore), giving the renewable energy company a manufacturing foothold in the United States as it looks to expand globally.
The transaction, executed through wholly owned subsidiary Inox Solar Americas LLC, includes 3 gigawatts (GW) of operational solar module manufacturing capacity in the US and a binding agreement to acquire 3 GW of solar cell manufacturing capacity that is expected to be commissioned by December 2026, the company said in a release.
Boviet was founded under China's Boway Group in 2013 in Vietnam. Its US facilities are based in Greenville, North Carolina, where it manufactures solar modules.
The acquisition marks Inox Clean's entry into the US solar manufacturing market at a time when Washington is encouraging domestic clean energy production and introducing tariffs on imports, including from India. Products manufactured at the facilities would qualify for tax credits, helping improve profitability while reducing tariff and policy-related risks through a localized manufacturing footprint.
The deal is among the largest overseas renewable energy manufacturing acquisitions by an Indian clean energy company and underscores the increasing global ambitions of Indian renewable energy firms amid shifting supply chains and protectionist manufacturing policies in the US and Europe.
Inox Clean, part of the INOXGFL Group, has been expanding aggressively through acquisitions over the past year across renewable power generation and solar manufacturing. The company has completed a bunch of acquisitions in the last nine months, including transactions involving Vibrant Energy, SkyPower, SunSource Energy and Wind World India.
The company operates its renewable independent power producer business through Inox Neo and its solar manufacturing operations through Inox Solar Ltd. It is targeting 11 GW of integrated solar manufacturing capacity and 10 GW of operating IPP capacity by fiscal 2028 across India and international markets including the US and Africa.
The acquisition comes as solar manufacturers race to establish domestic production capacity in the United States to capitalize on incentives introduced under the Inflation Reduction Act and reduce dependence on imported equipment from Asia.
Published by HT Digital Content Services with permission from VC Circle.