SynopsisInox Clean Energy has secured Boviet Solar's US solar manufacturing assets for $750 million. This strategic acquisition includes solar module and cell manufacturing units in North Carolina. The deal provides Inox Clean Energy a significant presence in the growing US market.Listen to this article in summarized formatAPTechnician examines solar panels on the roof of a companyNew Delhi: Inox Clean Energy has acquired US-based Boviet Solar’s solar manufacturing assets for an enterprise value of $750 million, as per an official release from the Noida-headquartered company.The assets acquired include solar module and cell manufacturing units in Greenville, North Carolina, that will give the company a foothold in the US market, where energy consumption is rising on the back of the artificial intelligence boom and mushrooming of data centers. The units have a combined 6 gigawatts of solar module and cell manufacturing capacity.ET had first reported about the impending deal on 23 April.Boviet Solar’s ultimate parent company is the Shanghai Stock Exchange-listed Ningbo Boway Alloy, a manufacturer of alloys for top tier EV makers such as BYD.Boviet Solar had initiated a divestment of its US solar manufacturing business two months ago and engaged JP Morgan as an advisor for the sale process.“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,” said Devansh Jain, INOXGFL’s executive director.The acquisition will be routed through Inox Solar Americas LLC.The 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, Inox Clean said in its press release.Also read: Power, renewable energy ministries to discuss green power curbs and grid penalties“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,” said Akhil Jindal, group chief financial officer, INOXGFL.Inox Clean, in the last nine months, has made nine 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.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.In January, the company raised $350 million from an investor group including USA’s largest public pension fund CalPERS at a valuation of $5.5 billion.Chinese-origin renewable energy equipment manufacturers are exiting the US market as they fall under the foreign entity of concern (FEOC) list which deprives them from obtaining tax credits which manufacturers from other countries would usually be able to obtain. The FEOC rules have been tightened under the Trump administration. Companies from Russia, Iran and North Korea are also on this list.Read More News on...moreless