Inox Clean Energy Ltd (Inox Clean), the integrated renewable energy platform of the INOXGFL Group, today announced the acquisition of the North Carolina assets of Boviet Solar through its wholly owned subsidiary, Inox Solar Americas, LLC.
Through this acquisition, Inox Clean gains an operational capacity of 3 GW of TOPCon solar module manufacturing, along with a binding agreement to acquire 3 GW of TOPCon cell manufacturing capacity, which is expected to be commissioned by December 2026. This marks one of the largest acquisitions of U.S. renewable energy assets by an Indian group.
This asset purchase establishes Inox Clean as one of the largest Indian integrated renewable energy manufacturing platforms in the United States and marks a pivotal entry into the world’s most dynamic and rapidly evolving solar market.
“This asset purchase also unlocks significant economic advantages under the U.S. government’s domestic manufacturing push. The products sold will be eligible for incentives under Section 45X, enhancing profitability while also mitigating tariff- and policy-related uncertainties through a localized manufacturing footprint,” stated INOX Clean.
Boviet Solar has established relationships with leading customers, including large multinational energy companies, further strengthening Inox Clean’s foothold in the U.S. market.
“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’,” said Devansh Jain, Executive Director, INOXGFL Group. “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.”
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.”
Inox Clean, in the last nine months, has made nine marquee acquisitions across IPP and solar cell and module manufacturing in India and globally, including Macquarie-owned Vibrant Energy, Sky Power, SunSource Energy, and Wind World India, thereby 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 IPP capacity by FY2028 across India and key global markets, including the U.S. and Africa. With this acquisition, the company expects EBITDA to scale to approximately INR 5,000 crore by FY2027 and INR 12,000 crore by FY2028.
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