Home / Business and Economy / US Solar Firm Boviet Set for $750M Inox Acquisition
US Solar Firm Boviet Set for $750M Inox Acquisition
23 Apr
Summary
- Inox Clean Energy plans to acquire Boviet Solar for $750 million.
- The deal aims to expand Inox's presence in the American solar market.
- Boviet Solar is a top US solar equipment maker with Chinese ownership.
Inox Clean Energy, an Indian renewable energy company, is planning to acquire US-based Boviet Solar in a deal valued at around $750 million. This strategic move is intended to establish Inox's presence in the United States solar market.
Boviet Solar ranks among the top 10 solar equipment makers in the US. Its parent company, China's Ningbo Boway Alloy Material, initiated a strategic review of its US operations approximately two months ago, citing trade and policy challenges. Several Chinese solar manufacturers have re-evaluated their US investments due to increased regulatory scrutiny.
This acquisition presents an opportunity for Inox Clean Energy to tap into the US market for residential, commercial, and industrial solar energy installations. Inox currently generates green power and manufactures solar equipment through its subsidiaries, Inox Neo Energies and Inox Solar Ltd.
