China’s Boway Alloy has sold its full stake in Boviet Solar’s 3 GW US module facility
It attributes the strategic decision to US regulatory changes and FEOC rules
Boway Alloy added that it is negotiating for the sale of Boviet’s upcoming US solar cell fab without specifying the prospective buyer
Boviet Solar, the Vietnam-based solar PV manufacturer, is now part of INOX Solar Americas after its Chinese parent, Ningbo Boway Alloy Material, sold the business to the US subsidiary of India’s INOX Clean Energy, which is a part of the INOXGFL Group.
Boway Alloy sold 100% of its stake in Boviet Solar Technology (North Carolina), divesting its interest in the solar PV module manufacturing facility with an annual capacity of around 3 GW. The equity acquisition agreement, subject to customary approvals and closing conditions, values the deal at RMB 1.74 billion ($254 million), with INOX having deposited $25.4 million into escrow.
China-headquartered Boway Alloy recently secured board approval to exit its investment in the US module manufacturer in the wake of the US introducing stricter compliance and regulatory rules for the solar PV sector under the One Big Beautiful Bill Act (OBBBA). This includes provisions under the Foreign Entities of Concern (FEOC) (see Boway Alloy Plans Full Exit From Boviet Solar’s US Unit).
Boviet Solar operates manufacturing facilities both in the US and Vietnam. The US has imposed 307.78% of antidumping and countervailing (AD/CVD) tariffs on Bovet Solar’s exports from Vietnam (see US Solar Imports From Cambodia Hit Hardest With Final AD/CVD Duties).
The Chinese group added that under the OBBBA, Boway would lose access to key federal incentives starting in January 2026, potentially leading to losses. By divesting the unit, the company aims to remove this financial impact from its results.
Boway Alloy stated, “This strategic decision reflects a proactive response to evolving U.S. regulatory frameworks, including Foreign Entity of Concern (FEOC) considerations, and is focused on ensuring long-term business stability, compliance alignment, and continued support for our customers and partners.”
However, an official statement from Boway specifies that it is also in talks to sell Boviet’s solar cell production assets. Boviet plans to launch commercial operations of its solar cell manufacturing facility in the US in 2026.
Boviet Solar stated, “This strategic decision is focused on aligning with changing market conditions, reducing future uncertainty, and ensuring long-term business continuity. Importantly, this transaction does not impact current operations, and all contracts, supply commitments, warranties, and customer support remain fully in place.”
INOX Clean Energy aims to increase its installed capacity as an independent power producer (IPP) to 10 GW by fiscal year 2028, and expand its annual module production capacity to 11 GW. Back in India, INOX Clean Energy acquired Macquarie-backed Vibrant Energy for close to $550 million earlier this month (see India Solar PV News Snippets).