Renewable energy (RE) company Inox Clean Energy announced it has acquired module and cell manufacturing capacity of 3 Gigawatt (Gw) each from Boviet Solar Technology LLC, a US-based solar manufacturing firm, in a $750 million deal.
The solar module plant is operational but the cell manufacturing capacity is expected to be commissioned by December 2026, Inox said in a statement.
The solar assets were acquired through its wholly-owned subsidiary Inox Solar Americas LLC.
The company stated the asset purchase unlocks significant economic advantages under the US government’s domestic manufacturing push. The module and cell capacity will be eligible for incentives which will enhance the company’s profitability and mitigate tariff- and policy-related uncertainties through a localised manufacturing footprint.
“With the US witnessing accelerating demand for power, driven by structural shifts such as AI adoption, data centre expansion, electrification and industrial growth, this is an opportune moment for Inox Clean,” said Devansh Jain, executive director at chemicals-to-RE conglomerate, INOXGFL Group.
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Akhil Jindal, group CFO, INOXGFL, 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 US manufacturing ecosystem.”
He added that Inox Clean Energy’s entry in the US through Boviet Solar positions it to participate in this opportunity at scale, backed by an integrated platform aligned with evolving market and policy dynamics.
Inox Clean, the integrated renewable energy platform of the INOXGFL group, operates across the renewable independent power producer (IPP) business through its subsidiary Inox Neo and the solar manufacturing business through Inox Solar. The group is targeting 10 Gw installed RE IPP capacity and 11 Gw integrated solar manufacturing capacity by financial year 2027-28 (FY28), spread across India, the US and Africa.
The company, last month, acquired Vibrant Energy, a Macquarie group-owned RE IPP, at an enterprise value of about ₹5,000 crore. It has also acquired eight companies including Sky Power, SunSource Energy and Wind World India, in the past nine months.
Source: Business-Standard