Inox Clean Acquires Boviet Solar Assets for $750 Million to Enter US Market
Inox Clean Energy has acquired Boviet Solar's assets for $750 million, gaining 3 GW of operational solar module capacity and a binding agreement for an additional 3 GW of cell manufacturing capacity, expected by December 2026. This acquisition positions Inox Clean as a significant player in the U.S. renewable energy sector, aligning with domestic manufacturing incentives.
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Inox Clean Energy has acquired Boviet Solar assets for $750 million through its subsidiary, Inox Solar Americas LLC, enhancing its solar manufacturing capacity with 3 GW of operational modules and a binding agreement for 3 GW of cells to be operational by December 2026. This transaction is part of Inox Clean's strategy to achieve 11 GW of integrated solar manufacturing and 10 GW of independent power producer capacity by FY2028, targeting key markets including the U.S. and Africa.
The acquisition provides immediate access to the growing U.S. solar market, driven by rising energy demands from AI and data centers, while products will qualify for Section 45X incentives, improving profitability and reducing tariff uncertainties. Inox Clean's rapid expansion includes nine acquisitions in the last nine months, consolidating its position in clean energy manufacturing.
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