The divestiture, which is already partially secured through escrow, reflects pressure from regulators due to changes in US FEOC policy. Boviet Solar is also continuing negotiations to sell a separate US cell project.
Boway Alloy, the parent company of Vietnam-based PV manufacturer Boviet Solar, has announced plans to sell Boviet Solar Technology (North Carolina) LLC, a wholly owned subsidiary of Boviet USA LLC, to Inox Solar Americas LLC, a unit of Indian solar manufacturer Inox Solar.
The transaction is expected to close for a total consideration of up to $254 million. It includes 100% of the equity of the North Carolina company, whose core business is a 3 GW solar module factory that started production and external sales in the second half of 2025.
The parties have signed a share acquisition agreement and the buyer has already placed a deposit of $25.4 million on deposit, with $15 million released to the seller, meaning the agreement has become effective.
Boway’s statement also said that Inox Clean Energy, the group’s clean energy platform, is targeting 10 GW of IPP capacity and 11 GW of module manufacturing capacity by fiscal year 2028.
Boway explicitly linked the divestiture to changes in US policy on Foreign Entities of Concern (FEOC), saying the stricter regulations introduced from July 2025 could adversely affect the continued operations, compliance arrangements and future development of its US solar assets. The company further said that under the new rules, it would no longer be able to enjoy the same federal policy support as its peers from January 1, 2026, and that the affected US business was expected to become loss-making from then on.
In that sense, the transaction looks less like a routine portfolio realignment than a forced strategic retreat. The company’s April 27 public announcement noted that the North Carolina sale was announced alongside first-quarter results after the pressure of U.S. policy changes had already weighed on the company’s solar business.
Boway was careful in defining the scope of the transaction. According to the investor platform’s April 27 response, the module company’s authorized sale does not include the separate US cell project, which is still under construction and planned for 2 GW per year.
Boway added that Boviet North Carolina will no longer be consolidated in its financial statements following the closure, which he said would eliminate the negative impact of the asset. The company also announced that separate sales of U.S. cell assets are still being negotiated.
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