PVTIME – On 14 February 2025, Tongwei Co., Ltd. (Tongwei, 600438.SH), a leading company engaged in the R&D, manufacturing and marketing of solar core products, announced the cancellation of the acquisition of Jiangsu Runyang Yueda Photovoltaic Technology Co., Ltd.(Runergy), a Chinese solar cell manufacturer.
In August 2024, Tongwei announced its intention to acquire Runergy, but after negotiations, there are part of the terms can not be agreed by the two sides, and the capital increase was stopped, and the previous agreement was also cancelled by the two sides.
According to the announcement, Tongwei plans to acquire a minimum of 51% of Runergy for a maximum of 5 billion yuan (approximately US$699.5 million), and upon completion of the acquisition, Runergy will become one of Tongwei’s holding subsidiaries.
Although Runergy has twice failed to list in China, it is a renowned solar energy company focused on the research, development, production and sales of high-efficiency solar energy products, as well as businesses involving industrial silicon, polysilicon, silicon wafers, modules and photovoltaic power plants. It has an annual production capacity of 57GW of high-efficiency solar cells, 13GW of modules, as well as 55,000MT of industrial silicon, 130,000MT of polysilicon, 7GW of silicon slicing and 10GW of wafers. Runergy has also established competitive production capacity in some overseas markets such as the United States, Thailand and Vietnam. It holds a leading position in global solar cell shipments from 2020 to 2023, while providing distributed solar power solutions.
As a leading company in the photovoltaic industry, Tongwei’s business covers a wide range of areas such as high-purity silicon, solar cells and modules, and it is one of the largest solar cell manufacturers in the world. The acquisition of Runergy was expected to further consolidate Tongwei’s leading position in the photovoltaic industry and enhance its overall global competitiveness.
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