Inox Solar Americas, a renewable energy platform of Inox Clean Energy, is set to acquire 100% equity in Boviet Solar Technology (North Carolina), the U.S.-based solar module manufacturing subsidiary of Ningbo Boway Alloy Material.

The transaction is subject to regulatory approvals, according to the company.

The North Carolina facility has an annual solar module manufacturing capacity of approximately 3 GW. The agreement includes the full transfer of ownership of the entity.

Last September, Boviet Solar Technology added a third module manufacturing line at its Greenville, North Carolina, facility, expanding its production capacity from 2 GW to 3 GW.

Ningbo Boway said the transaction is not expected to disrupt existing operations at the facility.

The company stated that ongoing contracts, deliveries, and project timelines will remain unchanged. It added that supply continuity will be maintained and that existing product warranties and service commitments will remain valid.

The company said the decision is linked to evolving regulatory frameworks in the United States, including considerations related to Foreign Entity of Concern requirements.

Ningbo Boway stated that the move is intended to align with compliance requirements and support long-term business stability.

No financial details of the transaction have been disclosed. The company also did not specify a timeline for completion, stating only that it is subject to approvals and standard closing conditions.

The announcement comes amid increased regulatory scrutiny in the U.S. solar manufacturing sector, particularly around supply chains and foreign ownership.

Recently, Inox Clean Energy completed the acquisition of Vibrant Energy, a renewable energy platform owned by Macquarie and other shareholders, for approximately ₹50 billion (~$536.28 million). The transaction added a renewable energy portfolio of about 1.34 GW to Inox Clean’s assets.

Earlier, the INOXGFL Group acquired 600 MW of power-producing business and 4.5 GW of operations and maintenance business of wind energy developer Wind World India.