The One Big Beautiful Bill Act, passed by the Trump administration, has forced Boviet Solar to withdraw from the US market. The legislation bars Chinese‑owned firms from receiving subsidies under the Inflation Reduction Act, a restriction that the company says makes continued US operations impossible.
Background to the subsidy
In 2024, Roy Cooper, now the Democratic nominee for North Carolina’s open Senate seat, announced a $32.6 million state and local incentive package intended to help Boviet open a factory in the state. The package was presented as a boost for an "international renewable energy company" that would create 900 new jobs.
At the time, the full extent of Boviet’s ownership was not disclosed. The firm is a wholly‑owned subsidiary of the Boway Group, a multibillion‑dollar Chinese conglomerate with close ties to the Chinese Communist Party. Boway’s chairman, Xie Shicai, is a Party member and served in the 13th National People’s Congress.
Trade policy clash
The Trump administration’s One Big Beautiful Bill Act introduced a measure that bars Chinese‑owned businesses from accessing Inflation Reduction Act subsidies. Boviet’s executives say this provision directly triggered the decision to exit the US market.
Boway Group is reportedly negotiating to sell Boviet to an Indian company for $254 million, citing “unacceptable losses” caused by the new US policies.
Criticism from domestic advocates
Nick Iacovella, executive vice‑president of the Coalition for a Prosperous America, accused Cooper of using taxpayer money to subsidise China’s solar industry. He said, "Governor Cooper wrongly welcomed China's state-subsidized solar industry into North Carolina, and even applauded the use of taxpayer dollars to support it," and added that the One Big Beautiful Bill’s foreign‑entity‑of‑concern restrictions forced Boviet to unwind its Chinese ownership.
Iacovella also pointed out that Boviet was investigated by the Biden Commerce Department in 2023 for allegedly routing Chinese‑manufactured solar panels through Vietnam to avoid US anti‑dumping duties. Although cleared, the Trump administration imposed a 160 percent tariff on Boviet’s Vietnamese imports in April 2025.
Political response
Cooper’s campaign continues to defend the subsidy, arguing that the promised jobs and lower energy bills would benefit North Carolina residents. A campaign spokesman said the governor had “successfully recruited major companies to our state to create thousands of jobs, lower energy bills, and put money in the pockets of working families while making North Carolina the best state for business three out of the last four years.”
The departure of Boviet is being hailed by some as validation of the Trump administration’s trade stance, which aims to shield American industries from what it describes as unfair competition from Chinese state‑subsidised firms.
Implications for the US solar sector
The exit adds another layer of uncertainty to a US solar market already strained by ongoing US‑China trade tensions. Analysts warn that the combined effect of tariffs, subsidy restrictions and corporate withdrawals could slow the sector’s growth.
Election relevance
With the North Carolina Senate race heating up, trade policy is expected to feature prominently in campaign debates. Voters will be watching how candidates address the balance between attracting foreign investment, protecting domestic jobs and navigating complex international trade rules.