Inox Clean Energy, the renewable energy platform of the INOXGFL Group, on Thuraday said it has purchased  assets of Boviet Solar Technology through its  subsidiary, Inox Solar Americas at an enterprise valuation of $750million. The deal marks it’s entry into US solar products market.

Through this asset purchase, Inox Clean gains an operational capacity of 3 GW of solar module manufacturing,and a binding agreement to acquire 3 GW of cell manufacturing capacity , which is expected to be commissioned by December 2026. This makes it one of the largest purchases in the renewable space, that too of US assets by an Indian group, the company said.

Boviet Solar, headquartered in Greenville, North Carolina, is one of the largest solar module manufacturers in the US.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, it added.

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

Inox Clean, in the last nine months, has made nine marquee acquisitions across IPP and solar cell and module manufacturing in India and globally,.
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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. “

Akhil Jindal, Group CFO, INOXGFL Group, said, “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. “

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, Inox Clean is on track to deliver substantial value, with EBITDA projected to scale to approximately ₹5,000 crore by FY2027 and ₹12,000 crore by FY2028, it said.