Inox Clean Energy is set to acquire Boviet Solar in a deal that could assign an enterprise value of about $750 million (around `7,000
crore) to the San Jose, California-headquartered company, said people familiar with the development.
The move is aimed at establishing the privately owned Noida-based renewable energy company’s presence in the US, according to the people.
Also Read: India set to emerge as world's 2nd largest solar market in 2026: NSEFI
Chinese Parent
Boviet ranks among the top 10 solar equipment makers in the US. Enterprise value factors in debt andcash holdings, making it a more composite measureof a company’s total value than equity value alone.Boviet Solar’s parent company, Chinese diversifiedindustrial group Ningbo Boway Alloy Material, announced a strategic review of its US business about twomonths ago, sparking speculation about an imminentsale.
It said at the time that there were “ongoing tradeand policy challenges” for US solar products and“changes to US subsidy eligibility, which have influenced parent-level capital allocation considerations.”
Multiple Chinese solar equipment manufacturershave reviewed their US investments over the past sixeight months in the face of stiff regulatory scrutiny ofChinese equipment under the Trump administration.
Inox Clean Energy sees this as an opportunity to tapinto the US market for residential, commercial and industrial solar energy installations and expand its international footprint, according to people with knowledge of the matter.Queries sent to Inox Clean Energy and Boviet Solardid not elicit a response till press time.
Inox Clean Energy generates green power and manufactures solar equipment such as cells and modulesthrough two companies — Inox Neo Energies and InoxSolar Ltd.
crore) to the San Jose, California-headquartered company, said people familiar with the development.
The move is aimed at establishing the privately owned Noida-based renewable energy company’s presence in the US, according to the people.
Also Read: India set to emerge as world's 2nd largest solar market in 2026: NSEFI
Chinese Parent
Boviet ranks among the top 10 solar equipment makers in the US. Enterprise value factors in debt andcash holdings, making it a more composite measureof a company’s total value than equity value alone.Boviet Solar’s parent company, Chinese diversifiedindustrial group Ningbo Boway Alloy Material, announced a strategic review of its US business about twomonths ago, sparking speculation about an imminentsale.
It said at the time that there were “ongoing tradeand policy challenges” for US solar products and“changes to US subsidy eligibility, which have influenced parent-level capital allocation considerations.”
Multiple Chinese solar equipment manufacturershave reviewed their US investments over the past sixeight months in the face of stiff regulatory scrutiny ofChinese equipment under the Trump administration.
Inox Clean Energy eyes $750M Boviet Solar buy to enter US market
Inox Clean Energy sees this as an opportunity to tapinto the US market for residential, commercial and industrial solar energy installations and expand its international footprint, according to people with knowledge of the matter.Queries sent to Inox Clean Energy and Boviet Solardid not elicit a response till press time.
Inox Clean Energy generates green power and manufactures solar equipment such as cells and modulesthrough two companies — Inox Neo Energies and InoxSolar Ltd.
