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Chinese non-ferrous alloy materials producer and developer is set to sell its remaining photovoltaic asset in the United States to an Indian manufacturer, Inox Solar, in an effort to reduce regulatory risks in the local market.
The company will transfer Boviet Solar Cell Technology North Carolina, which includes its new solar cell manufacturing plant and related equipment, to Inox Solar Americas for $470 million, as announced yesterday.
The deal is contingent upon the completion and operational startup of the two-gigawatt facility, expected by the end of this year. The initial investment in this project was $370 million.
Additionally, at the end of last month, the company agreed to sell its fully operational three-gigawatt solar module plant in North Carolina to Inox Solar Americas for up to $254 million.
The decision to divest its U.S. photovoltaic assets is mainly driven by recent regulatory changes following the enactment of the “One Big Beautiful Bill” Act. This legislation restricts Chinese entities from holding more than 25% equity in U.S. solar projects, disqualifying these projects from federal clean energy subsidies.
Furthermore, the company’s photovoltaic cell and module factories in Vietnam have faced setbacks due to steep anti-dumping and countervailing duties imposed by the U.S. on solar products from Southeast Asia, leading to production halts and operational challenges.
The “One Big Beautiful Bill” Act has prompted several Chinese solar companies to reconfigure their U.S. operations. For example, Jinko Solar recently announced the sale of its stake in a Florida module factory for $192 million, reducing its ownership to below 25%. Similarly, Trina Solar divested its Texas facility in November 2024, retaining just a 17.4% stake.
Shares of the company closed down 1.1% at 19.75 Chinese yuan (approximately $2.91) today, after earlier rising as much as 6.5%. The Shanghai Composite Index declined 1.5%, reflecting a widespread market selloff as investors sought to lock in gains from the recent market rally over the past month and a half.
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