Overview
- Inox Clean Energy acquired Boviet Solar’s U.S. manufacturing assets in a $750 million deal executed through its subsidiary Inox Solar Americas LLC.
- The purchase adds 3 GW of operational module capacity and a binding agreement for 3 GW of cell capacity that the company says will be commissioned by December 2026.
- Boviet Solar is based in Greenville, North Carolina, and brings established ties with large multinational energy customers that Inox plans to serve at scale.
- The company says making panels in the U.S. qualifies them for Section 45X factory credits, which are federal incentives paid per unit made that can lift margins and reduce tariff and policy risk.
- Executives framed the move as a response to rising U.S. power demand from AI data centers, electrification, and new industry, and linked it to targets of 11 GW integrated manufacturing and 10 GW IPP capacity by FY2028 with projected EBITDA of about ₹5,000 crore in FY2027 and ₹12,000 crore in FY2028.