Transaction enhances long-term value, bankability, and alignment with U.S. regulatory frameworks

GREENVILLE, N.C., May 18, 2026 /PRNewswire/ -- Boviet Solar Technology (North Carolina) LLC ("Boviet Solar" or "the Company"), a leading solar technology company specializing in manufacturing top-performing Gamma Series™ Monofacial and Vega Series™ Bifacial PV modules, today announced a strategic ownership transition involving the sale of its U.S.-based subsidiary, Boviet Solar Technology LLC assets.

The Company has entered into an agreement to sell 100% of Boviet Solar Technology (North Carolina) LLC. ("Boviet NC") to INOX Solar Americas, LLC, a U.S.-based renewable energy company backed by INOX Clean Energy Limited, part of the multi-billion-dollar INOXGFL Group. The approximately $750 million transaction is expected to close in May, subject to customary conditions and regulatory approvals.

Through this asset purchase, Inox Clean gains an operational capacity of 3 GW of solar module manufacturing, (top-end, N-Type technology) and a binding agreement to acquire 3 GW of cell manufacturing capacity (top-end, N-Type technology), which is expected to be commissioned by December 2026. This makes it one of the largest purchases in the renewable space, and of U.S assets by an Indian group.

The acquisition supports INOX Solar Americas' strategy to expand its presence in U.S. solar manufacturing and strengthen its position across the renewable energy value chain. Boviet Solar's brand, product portfolio, and customer relationships remain unchanged, and the company will continue to actively serve the U.S. market through its U.S.-focused manufacturing operations and structured supply chain network, ensuring reliable product availability and execution continuity.

Strategic Realignment to Support U.S. Market and Regulatory Environment

This ownership transition reflects Boviet Solar's proactive approach to aligning with evolving U.S. regulatory frameworks, including policies related to Foreign Entity of Concern (FEOC), as well as broader market and supply chain dynamics.

As the solar industry continues to evolve, project success is increasingly driven by regulatory compliance, financing eligibility, and supply chain transparency. This realignment reduces regulatory exposure, enhances operational flexibility, and ensures continued alignment with U.S. market requirements. The transition reinforces Boviet Solar's long-term focus on stability, bankability, execution certainty, and delivering consistent value to customers and partners.

"This decision reflects our proactive approach to aligning with evolving U.S. regulatory frameworks while strengthening Boviet Solar's long-term strategic positioning. By optimizing our operating structure and reducing regulatory complexity, we are reinforcing our ability to deliver reliable, high-performance PV modules while maintaining strong bankability and operational stability. Our commitment to the U.S. market remains unchanged. We will continue to support our partners with the same level of quality, service, and execution they expect from Boviet Solar," said Mr. Jimmy Xie, President & General Manager of Boviet Solar.

U.S. Manufacturing Facility to Continue Operations

Boviet Solar's North Carolina manufacturing facility will continue operations under the new ownership structure. The site, which began commercial production in 2025, remains a key part of the company's U.S. manufacturing footprint, supporting the production of high-performance PV modules across multiple applications. The facility will continue to contribute to domestic solar manufacturing, workforce continuity, and the broader clean energy transition, while supporting long-term growth in the U.S. market.

"We are pleased to acquire Boviet Solar Technology LLC assets and build upon the strong foundation established by Boviet Solar. This facility is an important asset within the U.S. solar manufacturing landscape, and we are committed to continuing its operations and supporting domestic clean energy production. This acquisition aligns with our strategy to expand our presence in U.S. solar manufacturing. We remain focused on strengthening the facility's capabilities, ensuring it continues to support a reliable U.S. solar supply chain including solar modules and cells," said Mr. Devansh Jain, INOXGFL Group Executive Director.

Seamless Transition with No Impact to Customers or Projects

Boviet Solar confirms that the ownership transition will have no impact on customers, partners, or ongoing projects. All existing contracts, delivery schedules, product specifications, and warranties remain fully in place, with projects continuing without interruption. The company's U.S. manufacturing operations and supply chain will continue to operate at full capacity, ensuring reliable supply, transparency, and on-time delivery.

Strengthening U.S. Manufacturing and Energy Transition

The transaction supports the continued operation and future growth of Boviet Solar's North Carolina facility, preserving approximately 3.0 GW of annual domestic PV module capacity. The facility will remain a key contributor to U.S. solar manufacturing, supply chain resilience, workforce continuity, regional economic growth, and national clean energy initiatives.

Enhancing Bankability and Reducing Project Risk

This strategic realignment strengthens regulatory alignment, reduces compliance risk, and enhances long-term project stability. Developers and EPCs benefit from execution and reliable supply, while investors and lenders gain increased confidence in bankability and financing eligibility. Asset owners benefit from consistent performance and long-term value.

Focused on Long-Term Growth and Innovation

Boviet Solar will continue to deliver high-performance PV modules while advancing technology, improving manufacturing efficiency, and supporting next-generation solar projects. This transition reinforces the company's commitment to stability, execution, and long-term value creation in the U.S. market.

ABOUT BOVIET SOLAR

Boviet Solar, an INOX Solar Americas company founded in 2013, is a leading solar technology company specializing in the manufacturing of advanced monocrystalline PV cells and premium Gamma Series™ monofacial and Vega Series™ bifacial PV modules. Boviet Solar's top-performing modules are engineered for a wide range of applications, including residential, commercial, industrial, community, and utility-scale solar projects.

Boviet Solar combines business acumen, financial strength, technological expertise, and manufacturing excellence to deliver reliable, high-efficiency solar solutions to industry clients. The company is deeply committed to sustainability, supply chain traceability, and compliance with U.S. and international trade standards, while fostering long-term, trust-based partnerships across the energy sector. Boviet Solar has earned industry-wide recognition for quality and reliability.

Boviet Solar has earned multiple global bankability recognitions from leading independent research and analytics organizations. The company has been consistently ranked as a Tier 1 PV Module Manufacturer by Bloomberg New Energy Finance (BNEF) since 2017, named among Wood Mackenzie's A Class Bankable Global PV Module Manufacturers since 2024, and listed among Sinovoltaics' Top 10 Most Financially Stable PV Module Manufacturers since 2024. Additionally, PV ModuleTech has ranked Boviet Solar among the Top 20 Global PV Module Manufacturers since 2022, while Kiwa PVEL has recognized the company's products as Top Performers in its PV Module Reliability Scorecard since 2019. Collectively, these distinctions underscore Boviet Solar's strong bankability, financial resilience, and long-term reliability.

Boviet Solar operates its U.S. manufacturing facility in Greenville, North Carolina, supporting domestic solar deployment through localized production, consistent supply, and efficient logistics. As an INOX Solar Americas company, its operations are aligned within a broader renewable energy platform under INOX Clean Energy and the INOXGFL Group, strengthening long-term positioning, operational stability, and alignment with evolving U.S. market and regulatory requirements.

For more information about our company and products, please visit www.bovietsolar.com

MEDIA INQUIRIES:
Songül Atacan
Head of Global Brand and Marketing
Boviet Solar
songul.atacan@bovietsolar.com

About Inox Clean Energy Limited
Inox Clean, the integrated renewable energy platform of the INOXGFL Group, operates across the renewable IPP (Independent Power Producer) business under its subsidiary Inox Neo and the solar manufacturing business under its subsidiary Inox Solar Limited. Rapidly expanding across the verticals through greenfield and inorganic routes, Inox Clean targets 10 GW of installed RE IPP capacity and 11 GW of integrated solar manufacturing capacity by FY28, with assets spread across India and multiple key global geographies including the US and Africa. Combining the core strength of its robust integrated business model along with the synergies and expertise within the INOXGFL Group, Inox Clean is setting new growth benchmarks in the renewable energy space as it scales up its capacities and offerings.

About INOXGFL Group
INOXGFL Group, a multi-billion-dollar Indian conglomerate, is a leader in the global energy transition space. With a legacy of over 90 years, the Group's interests span across chemicals and renewables, with presence in over 75 countries across 5 continents. INOXGFL Group companies are forerunners across diversified business segments, with three listed entities — Gujarat Fluorochemicals Limited (GFL), a global leader in the specialty fluorine chemicals space; Inox Wind Limited (IWL), India's leading comprehensive wind solutions provider, and Inox Green Energy Services Limited (IGESL), India's largest listed renewables O&M services provider. On the unlisted front, GFL's subsidiary — GFCL EV Products Limited (GFCL EV) — is scaling up to become the largest non-Chinese integrated advanced battery materials supplier globally, supported by investments from IFC, Washington and OIA, Oman. Further, through Inox Clean Energy Limited (ICEL), the Group is rapidly expanding globally across renewable energy IPP and solar manufacturing verticals. The Group's performance and leadership are reflected in its diverse portfolio of products & services, where several of its companies are setting new growth benchmarks, as well as impactful corporate social responsibility initiatives. With an aim to drive progress and contribute to a greener future, the INOXGFL Group continues to contribute to India's growth story.

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