Inox Clean Energy has acquired solar manufacturing assets in the United States from Boviet Solar in a deal valued at $750 million, significantly expanding its global renewable energy manufacturing footprint.

According to reports, the acquisition includes 3 GW of operational solar module manufacturing capacity along with a binding agreement to acquire an additional 3 GW solar cell manufacturing facility through its wholly owned subsidiary Inox Solar Americas LLC.

The acquired module manufacturing facility is already operational, while the solar cell manufacturing unit is expected to become operational by the end of the year.

Inox Clean stated that the acquisition will help the company benefit from domestic manufacturing incentives offered by the United States government while reducing tariff-related and policy risks associated with imported solar equipment. The move is also expected to improve long-term profitability and supply chain resilience in the rapidly growing US clean energy market.

Devansh Jain said the acquisition strategically positions the company to capitalise on rising electricity demand in the United States driven by artificial intelligence adoption, data centre expansion, industrial growth, and electrification trends.

The transaction marks a major step in the company’s broader clean energy expansion strategy. Inox Clean aims to build 10 GW of renewable independent power producer (IPP) capacity and 11 GW of integrated solar manufacturing capacity by FY28 across India, the United States, and Africa.

The acquisition reflects the growing trend of Indian renewable energy companies expanding manufacturing operations globally to secure market access, reduce geopolitical risks, and align with localisation requirements in key international markets.