Boway Alloy, the parent company of Vietnam-based PV manufacturer Boviet Solar, announced it plans to sell Boviet Solar Technology (North Carolina) LLC, a wholly owned subsidiary of Boviet USA LLC, to Inox Solar Americas LLC, a unit of Indian solar manufacturer Inox Solar.
The transaction is expected to close for total consideration of up to $254 million. It includes 100% of the equity in the North Carolina company, whose core asset is a 3 GW solar module plant that began production and external sales in the second half of 2025.
The parties have signed an equity acquisition agreement, and the buyer has already placed a $25.4 million deposit into escrow, with $15 million released to the seller, meaning the agreement has taken effect.
Boway’s statement also said Inox Clean Energy, the group’s clean energy platform, is targeting 10 GW of IPP capacity and 11 GW of module manufacturing capacity by fiscal 2028.
Boway explicitly linked the divestment to changes in U.S. policy toward Foreign Entities of Concern (FEOC), saying the tighter rules introduced from July 2025 could have an adverse impact on the continued operation, compliance arrangements, and future development of its U.S. solar assets. The company further said that, under the new rules, it would no longer be able to enjoy the same federal policy support as its industry peers from Jan. 1, 2026, and that the affected U.S. business was expected to become loss-making from that point.
In that sense, the transaction appears less like a routine portfolio reshuffle than a forced strategic retreat. Public reporting on the company’s April 27 disclosure said the North Carolina sale was announced alongside its first-quarter results, after pressure from U.S. policy changes had already weighed on the company’s solar business.
Boway was careful to define the scope of the transaction. According to its investor-platform reply on April 27, the authorized sale of the module company does not include the separate U.S. cell project, which is still under construction and planned at 2 GW per year.
Boway added that, after closing, Boviet North Carolina will no longer be consolidated into its financial statements, which it said would remove the adverse impact associated with the asset. The company also disclosed that its separate U.S. cell asset sale remains under negotiation.
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