Inox Solar

INOX SOLAR AMERICAS

BOVIET SOLAR’S U.S. BUSINESS IS NOW PART OF INOX SOLAR AMERICAS

Boviet Solar’s U.S. business is now part of INOX Solar Americas, strengthening its position within the United States renewable energy market and aligning with a broader, integrated energy platform under INOX Clean Energy and the INOXGFL Group. This transition enhances long-term stability, regulatory alignment, and market positioning while maintaining full continuity across all operations.

A STRONGER PLATFORM FOR THE U.S. MARKET

INOX Solar Americas represents the U.S. platform of INOX Clean Energy, focused on participating in one of the world’s most important and rapidly growing renewable energy markets. The United States continues to lead global solar deployment, supported by strong demand, evolving policy frameworks, and sustained investment in energy infrastructure.

As part of its strategic expansion, INOX Solar Americas has acquired the U.S. business of Boviet Solar, including its solar module manufacturing operations and market activities in the United States. This integration combines Boviet Solar’s proven manufacturing and execution capabilities with a broader renewable energy platform designed for long-term growth and alignment with U.S. market requirements.

INOX Solar Americas operates with a clear focus on aligning with federal and state regulatory frameworks, including trade requirements, IRA-related considerations, and evolving compliance expectations. This structure supports long-term participation in the U.S. market while maintaining operational consistency and responsiveness to industry changes.

THE PLATFORM BEHIND INOX SOLAR AMERICAS

INOX CLEAN ENERGY

INOX Clean Energy Limited is the renewable energy platform of the INOXGFL Group, focused on building an integrated and scalable ecosystem across the clean energy value chain. The company is strategically positioned to support the growing demand for renewable energy through a combination of manufacturing, project development, and power generation capabilities.

INOX Clean Energy is actively developing high-quality solar module and cell manufacturing capabilities, designed to support both internal and external energy initiatives. A portion of this manufacturing capacity will be utilized to establish captive and hybrid renewable energy projects, creating a vertically integrated model that enhances efficiency, reliability, and long-term value creation.

Through this integrated approach, INOX Clean Energy is building renewable power generation assets that will supply electricity to a diversified customer base, including captive users, third-party buyers, energy exchanges, and commercial and industrial (C&I) customers. This model enables flexibility in power distribution while supporting the broader transition toward clean and sustainable energy systems.

Backed by the promoters of the INOXGFL Group, INOX Clean Energy leverages a strong legacy of industrial expertise, innovation, and operational excellence. This foundation supports its long-term vision to scale renewable energy capacity, align with evolving market and regulatory frameworks, and contribute meaningfully to the global shift toward a low-carbon future.

For more Information , Please visit: www.inoxclean.com

INOXGFL GROUP

INOXGFL Group, with a legacy of over 90 years, is one of the leading business groups in India, with a diversified portfolio spanning multiple high-growth industries. The Group’s operations cover a wide range of sectors, including fluoropolymers, fluorochemicals, battery materials, wind and solar manufacturing, project development, and renewable power generation.

With a strong foundation in advanced materials and industrial manufacturing, the Group has strategically expanded into renewable energy, positioning itself as an integrated platform capable of delivering solutions across the energy value chain. Its capabilities extend from manufacturing to project development and power generation, enabling it to address diverse customer requirements in rapidly evolving energy markets.

The INOXGFL Group includes three publicly listed companies Gujarat Fluorochemicals Limited (GFL), Inox Wind Limited, and Inox Green Energy Services Limited reflecting its scale, transparency, and strong market presence. In addition, through Inox Clean Energy Limited, the Group has expanded into solar manufacturing via Inox Solar Limited, while continuing to grow its renewable energy generation platform through Inox Neo Energies Private Limited.

The Group’s performance and leadership are reflected in its diversified product portfolio, growing global presence, and commitment to responsible business practices. Through its continued investment in clean energy and sustainable technologies, INOXGFL Group is playing an active role in advancing renewable energy development and contributing to India’s transition toward a greener, low-carbon future.

For more Information, please visit: www.inoxgfl.com

STRATEGIC IMPORTANCE FOR BOVIET SOLAR

The integration of Boviet Solar’s U.S. business into INOX Solar Americas represents a strategic step that strengthens its position within the U.S. market while aligning with long-term industry trends. By becoming part of a broader renewable energy platform under INOX Clean Energy and the INOXGFL Group, Boviet Solar’s U.S. business is now positioned within a more structured, stable, and forward-looking framework designed for sustained growth and market alignment.

Operating within this platform extends Boviet Solar’s capabilities beyond manufacturing, connecting it to a broader ecosystem that includes renewable energy development, infrastructure, and long-term investment strategy. This enables a more integrated and scalable approach to participating in the U.S. solar market, where alignment between supply, policy, and project execution is increasingly critical.

Integration also enhances operational and structural stability. With the backing of an established industrial group with decades of experience and large-scale project execution capabilities, Boviet Solar’s U.S. business benefits from a stronger foundation that supports consistent performance, reduces exposure to market volatility, and reinforces long-term reliability.

Equally important, this structure strengthens alignment with evolving U.S. regulatory frameworks. As trade requirements, IRA-related considerations, and Foreign Entity of Concern (FEOC) policies continue to shape procurement and project development, the integration provides clearer positioning and improved confidence for customers, developers, and investors.

Key Strategic Advantages

Stronger U.S. Market Positioning: Enhanced alignment with U.S. market dynamics, procurement expectations, and long-term industry growth trends.
Integration into a Broader Energy Platform: Connection to a renewable energy ecosystem that spans manufacturing, project development, and infrastructure.
Long-Term Strategic Alignment: Direct alignment with a platform focused on scalable renewable energy growth and sustained market participation.
Enhanced Operational Stability: Backing from INOX Clean Energy and the INOXGFL Group provides consistency, resilience, and long-term operational strength.
Reduced Exposure to Market Volatility: A more structured platform helps mitigate risks associated with policy shifts, supply chain challenges, and market fluctuations.
Improved Regulatory Positioning: Stronger alignment with U.S. federal and state frameworks, including trade, IRA, and FEOC-related requirements.
Greater Confidence for Stakeholders: Clearer positioning for customers, developers, EPCs, and investors navigating compliance and project eligibility.
Scalability and Growth Potential: Ability to scale alongside market demand and support larger, more complex solar projects.
Enhanced Execution Capability: Continued focus on performance, delivery, and operational discipline supported by a stronger organizational platform.
Alignment with Industry Evolution: Positioned to adapt to the future of the solar market, driven by policy, compliance, and long-term energy transition trends.

This integration positions Boviet Solar’s U.S. business within a platform that is better aligned with the future of the solar industry one defined by regulatory clarity, supply chain reliability, and scalable energy development while maintaining a strong focus on performance, execution, and long-term value.

WHAT THIS MEANS FOR CUSTOMERS AND PARTNERS

Boviet Solar’s U.S. business is now part of INOX Solar Americas and continues to operate with full continuity across all operations. All contracts, delivery schedules, and customer relationships remain in place, supported by the same teams, products, and execution standards. Customers and partners can continue to rely on consistent performance, reliable supply, and disciplined execution across all ongoing and future projects.

With the integration complete, Boviet Solar’s U.S. business is now aligned within a broader renewable energy platform under INOX Clean Energy and the INOXGFL Group. This strengthens positioning within the U.S. market and supports long-term alignment with evolving regulatory, policy, and market requirements. Customers and partners benefit from a more stable, better-aligned platform that combines proven manufacturing capabilities with long-term renewable energy strategy, infrastructure expertise, and stronger market positioning.

Key Benefits

Seamless Continuity: All operations, contracts, delivery timelines, and customer relationships continue as normal with no change to execution.
Reliable Supply and Execution: Continued access to high-performance PV modules with consistent quality, predictable delivery, and strong project execution.
Strengthened U.S. Market Alignment: Improved positioning within the U.S. solar market, aligned with current policy, procurement expectations, and industry requirements.
Enhanced Regulatory Positioning: Stronger alignment with U.S. federal and state frameworks, including trade, IRA-related considerations, and evolving compliance expectations.
Reduced Risk and Greater Certainty: Clearer procurement pathways and improved visibility for compliance, financing, and long-term project eligibility.
Long-Term Operational Stability: Backing from INOX Clean Energy and the INOXGFL Group provides additional organizational strength, consistency, and long-term reliability.
Stronger Financial and Platform Support: Access to a broader platform with long-term investment strategy, supporting sustained operations and market participation.
Access to a Broader Energy Ecosystem: Integration into a renewable energy platform that spans manufacturing, project development, and power generation.
Improved Supply Chain Alignment: Enhanced coordination across manufacturing and delivery, supporting more efficient project planning and execution.
Scalability for Large and Complex Projects: Greater ability to support utility-scale and long-term energy initiatives aligned with market growth.
Alignment with Developer and Investor Needs: Structure and positioning that better supports developer requirements, EPC execution, and investor expectations.
Execution Confidence: Continued focus on delivering projects on time, with consistent performance and operational discipline.
Future-Ready Platform: A structure designed to adapt to evolving market conditions, regulatory changes, and long-term industry growth.
Stronger Long-Term Partnership Value: A more resilient platform supporting ongoing collaboration, repeat business, and long-term project pipelines.

This integration strengthens Boviet Solar’s U.S. business with a platform built for performance, regulatory alignment, and sustained growth, enabling customers and partners to move forward with confidence in an evolving solar market.