Boviet Solar may soon come under Indian ownership. The current parent company of the solar panel brand, Ningbo Boway Alloy Material, announced a plan to sell 100% of Boviet Solar to INOX Solar Americas, the U.S. division of India-based Inox Clean Energy. The Ningbo Boway board of directors unanimously approved the proposal this month.
The transaction should not exceed $254 million plus closing cash. JPMorgan is assisting with the financial negotiations, and closing is expected by May 6, 2026.
Boway Alloy, a China-based technology company involved in the alloy, semiconductor and machinery industries, acquired Boviet Solar in 2016. Boviet originally started in Vietnam in 2013, and Boway increased its standing in the global solar panel manufacturing market. Boviet operates a 3-GW solar panel assembly facility in North Carolina, and a solar cell manufacturing plant is currently under construction next door.
New FEOC stipulations in the United States, which require solar product companies to not exceed 25% Chinese ownership, pushed Boway to sell Boviet Solar.
Inox Clean Energy, the renewable energy division of INOXGFL Group, has an estimated value of $6 billion. The larger group has a presence in chemicals, wind power, solar manufacturing and project development. Inox Solar hosts a 3-GW n-type TOPCon module facility in Ahmedabad, India, and is building an integrated 4.8-GW cell and panel factory in Odisha, India.
The sale to Inox does not include Boviet Solar’s unfinished solar cell manufacturing plant in North Carolina. In Boway filings with the Shanghai Stock Exchange, the company says it is in separate discussions to sell the U.S. cell manufacturing assets.