Through this multi-million asset purchase, Inox Clean will acquire 3 GW of operational manufacturing capacity for TOPCon solar modules in the United States, in line with the ‘Make in America, For America’ initiative.
Inox Clean Energy Ltd (Inox Clean), the integrated sustainable energy platform of the Inoxgfl grouphas announced the acquisition of the North Carolina assets of Boviet Solar through its wholly owned subsidiary, Inox Solar Americas, LLC.
The acquisition adds 3 GW of operational TOPCon solar panel production capacity to Inox Clean’s portfolio, together with a binding agreement to acquire a further 3 GW of TOPCon cell production capacity, expected to be commissioned in December 2026. The transaction marks one of the largest acquisitions of US renewable energy assets by an Indian company.
The asset purchase makes Inox Clean one of the largest Indian integrated renewable energy production platforms in the United States and represents a strategic entry into one of the world’s fastest growing solar markets.
“The acquisition also unlocks significant economic benefits under the U.S. government’s domestic manufacturing incentives. Products manufactured at the facility will be eligible for Section 45X incentives, supporting profitability and reducing exposure to tariffs and policy-related risks through a localized manufacturing footprint,” Inox Clean said.
“This acquisition provides a turnkey and scalable platform in a high-margin, policy-supported market,” the company added. “With cell shortages and Section 45X incentives creating favorable market conditions, we are well positioned to build an integrated U.S. manufacturing ecosystem. The transaction was executed at an enterprise value of approximately $750 million for the module and cell manufacturing assets. The deal meets all criteria of our valuation framework and reinforces our disciplined approach to growth.”
In the last nine months, Inox Clean has completed nine acquisitions in the independent power producer (IPP) and solar cell and module manufacturing sectors in India and international markets, including Vibrant energy, SkyPower, SunSource EnergyAnd Windworld Indiaexpanding its clean energy portfolio.
Inox Clean targets 11 GW of integrated solar production capacity and 10 GW of operational IPP capacity by 2028 in India and key international markets including the United States and Africa.
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