BOVIET SOLAR'S U.S. PV MODULE MANUFACTURING AND PV CELL MANUFACTURING ACQUIRED BY INOX SOLAR AMERICAS TO STRENGTHEN U.S. SOLAR PLATFORM

Boviet Solar Technology (North Carolina) LLC has announced the sale of its U.S.-based subsidiary to INOX Solar Americas, LLC for approximately $750 million. The transaction, which involves the transfer of 100% ownership of Boviet Solar Technology (North Carolina) LLC, is expected to close in May 2026, pending regulatory approvals. This strategic acquisition marks a significant consolidation in the renewable energy sector, particularly in solar manufacturing.

Boviet Solar is recognized for its production of high-performance photovoltaic (PV) modules, including the Gamma Series™ Monofacial and Vega Series™ Bifacial products. The company has been actively engaged in the U.S. market, leveraging its North Carolina facility, which began commercial production in 2025. Meanwhile, INOX Solar Americas, part of the INOX Clean Energy Limited group, aims to enhance its operational capacity in the U.S. solar market through this acquisition. The deal will provide INOX Solar with a robust manufacturing capacity of 3 GW of solar modules and a binding agreement for an additional 3 GW of cell manufacturing capacity, expected to be operational by December 2026.

The acquisition is strategically aligned with the evolving U.S. regulatory landscape, particularly concerning policies that affect foreign investments in critical infrastructure. By divesting its U.S. subsidiary, Boviet Solar seeks to mitigate regulatory exposure and enhance its operational flexibility while maintaining a strong presence in the U.S. market. This move is indicative of a broader trend within the renewable energy sector, where compliance with local regulations and supply chain transparency is becoming increasingly vital for project success.

For INOX Solar Americas, this acquisition not only strengthens its position within the U.S. solar manufacturing landscape but also aligns with its long-term strategy to expand its footprint in renewable energy. The integration of Boviet Solar's assets is expected to bolster INOX's capabilities and ensure a reliable supply chain for solar modules, which is critical for meeting growing domestic demand amid increasing regulatory scrutiny and market dynamics.

The broader implications of this transaction reflect a significant shift in the renewable energy sector as companies adapt to changing regulatory environments and market conditions. The acquisition underscores the importance of operational stability and compliance in securing long-term project financing and bankability. As the U.S. continues to prioritize clean energy initiatives, this deal positions both Boviet Solar and INOX Solar Americas to capitalize on emerging opportunities in the renewable energy market while contributing to the nation's clean energy transition.