Inox Clean acquires Boviet Solar US

Inox Green Energy Services, through its subsidiary Inox Solar Americas, has acquired the US assets of Boviet Solar for approximately $750 million. This strategic acquisition provides Inox Green Energy Services with an operational 3 GW solar module manufacturing facility and a binding agreement to acquire an additional 3 GW solar cell manufacturing facility, expected by December 2026. The deal marks Inox Green Energy Services's entry into the American solar manufacturing market and is one of the largest renewable energy asset purchases by an Indian company in the United States. The acquisition is expected to strengthen Inox Green Energy Services's global market position and enable it to benefit from incentives under the US government's Section 45X manufacturing program. Executives Devansh Jain and Akhil Jindal of INOXGFL Group highlighted the opportune timing due to rising electricity demand in the United States, driven by AI adoption, data center expansion, electrification, and industrial growth. This acquisition is part of Inox Green Energy Services's broader expansion strategy, which has included nine other acquisitions in the past nine months, such as Vibrant Energy, SkyPower, SunSource Energy, and Wind World India. Inox Green Energy Services aims to achieve 10 GW of installed renewable energy IPP capacity and 11 GW of integrated solar manufacturing capacity by FY28 across India, the United States, and Africa.