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Inox Clean Energy, part of the INOXGFL Group, is acquiring the US solar manufacturing assets of Boviet Solar for ₹7,175 crore, marking one of its biggest global expansion bets yet.
What does it do: Boviet Solar, based in North Carolina, is a major US solar equipment company that makes high-performance solar cells and solar panels.
The deets: through its subsidiary Inox Solar Americas, Inox is acquiring a running 3 GW solar module factory in the US, along with another 3 GW solar cell plant that is under construction and expected to start operations by December 2026. Together, the two facilities will give Inox a fully integrated 6 GW solar manufacturing base in the US.
Why it matters: the deal gives Inox access to Boviet’s factories and customer network. It also marks Inox’s first major manufacturing entry into the US and its second overseas expansion after Africa earlier this year.
The timing is important. The US has imposed steep duties of 126% on solar imports from countries like India, making local manufacturing far more important. By producing directly in the US, Inox can avoid some of these trade barriers.
The US installed nearly 50 GW of new solar capacity in 2024, but domestic manufacturers produced only 4.2 GW of solar modules in the first half of the year, creating a major supply gap. This opens up room for companies like Inox to expand while competing with global players such as First Solar and JinkoSolar.
Big theme: the acquisition is part of Inox Clean’s aggressive global expansion strategy. The company has completed nine acquisitions in the last nine months and is targeting 11 GW of solar manufacturing capacity and 10 GW of renewable power capacity by FY2028 across India, the US, and Africa.
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