New Delhi: Renewables major Inox Clean Energy has announced the acquisition of US-based Boviet Solar’s assets in a deal worth $750 million. This transaction is the 9th acquisition by the Noida-based company, helping it get a step ahead of its 11 GW targeted clean manufacturing capacity.
Boviet Solar has a 3 GW solar module facility and another 3 GW solar cell facility in the pipeline, with both facilities using advanced TopCon technology. The company aims to tap into the rising US Power demand by offering a ‘Make In America’ solution, given Boviet Solar’s status as a Tier 1 manufacturer in the US.
The solar energy glut
For Inox Clean Energy, this acquisition comes at a time when the renewables market is under severe stress, amid increasingly challenging market dynamics, with the entire global clean energy supply chain experiencing overcapacity. Chinese manufacturers have been blamed for this, with reports of warehouses full of unsold solar modules being reported in the US.
The opportunity
The US has been importing most of its solar panels, mostly from Thailand, Vietnam and Malaysia. These solar panels cost one third of those manufactured in the US- 11 cents per watt vs 31 cents per watt. This comes even as the US has been ramping up its solar production capacities by about 8 times, buoyed by encouragement from the US government.
In 2025, US President Donald Trump imposed tariffs on solar modules imported from abroad, but domestic solar panels remains prohibitively expensive.
With the US President’s renewed push for Make in America, Inox Clean Energy can position itself as a leading manufacturer offering competitive domestic prices.
The challenge
Inox Clean Energy has grown into one of the largest manufacturers of solar power equipment in India, mostly through acquisitions. Though it hasn’t publicly disclosed its debt, the company faces a major challenge as it looks to become a serious player in the global solar equipment manufacturing ecosystem.
The company is also planning to go public later in 2026, even as it integrates its various assets to meet customer requirements. This acquisition poses a significant risk to its EBITDA margins, as its CFO justifies its investments with projections that may prove inaccurate.
