Inox Clean Energy Limited, the integrated renewable energy platform of the INOXGFL Group, has announced the purchase of assets of Boviet Solar Technology LLC through its wholly owned subsidiary, Inox Solar Americas, LLC.

Through the asset purchase, Inox Clean gains an operational capacity of 3 GW of solar module manufacturing using top-end TopCon technology, along with a binding agreement to acquire 3 GW of cell manufacturing capacity, also based on TopCon technology. The cell capacity is expected to be commissioned by December 2026. The company said this is one of the largest purchases in the renewable space involving 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. It has consistently ranked among the top 10 in Bloomberg New Energy Finance Tier 1 PV Module Manufacturer rankings since 2017, a marquee positioning that will now be available to the INOXGFL Group.

The asset purchase also unlocks economic advantages under the US government’s domestic manufacturing push. Products sold will be eligible for incentives under Section 45X, supporting profitability while reducing tariff and policy-related uncertainties through a localised manufacturing footprint.

Boviet Solar has established relationships with leading customers, including large multinational energy companies, strengthening Inox Clean’s foothold in the US market.

The acquisition establishes Inox Clean as one of the largest Indian integrated renewable energy manufacturing platforms in the United States and marks its entry into one of the world’s most dynamic solar markets.

With US power demand entering a sustained growth phase, driven by data centres, AI-led workloads, electrification and industrial expansion, solar energy continues to account for the largest share of incremental capacity additions due to its speed, scalability and cost competitiveness.

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.”

Akhil Jindal, Group CFO, INOXGFL Group, added, “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.”

In the past nine months, Inox Clean has made nine marquee acquisitions across independent power producer assets and solar cell and module manufacturing in India and globally. These include Macquarie-owned Vibrant Energy, Sky Power, SunSource Energy and Wind World India, 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 independent power producer capacity by FY2028 across India and key global markets, including the US and Africa. With this acquisition, the company said it is on track to deliver substantial value, with EBITDA projected to scale to approximately to Rs 50 billion, by FY2027, and Rs 120 billion by FY2028.