ReneSola boost OEM strategy with acquisition of Dynamic Green Energy

Facebook
Twitter
LinkedIn
Reddit
Email

ReneSola is increasing its capacity to offer PV OEM services and further its efforts to become a fully integrated PV manufacturer with the acquisition of China-based Dynamic Green Energy. The mainly share based transaction has been approved both companies’ boards of directors. Jiawei Solarchina was a subsidiary of Dynamic Green Energy, which is currently partnering with Evergreen Solar on a 100MW plant in China. GE Capital Asia Pacific was also a major investor in Dynamic Green Energy.

Dynamic Green owns and operates ingot and wafer manufacturing facilities in Sanhe, Hebei province, as well as an upgraded metallurgical grade silicon manufacturing facility in Guiyang, Guizhou province. Its module and cell manufacturing facilities are in Wuhan, Hubei province and OEM facilities in Shenzhen, Guangdong province.

This article requires Premium SubscriptionBasic (FREE) Subscription

Unlock unlimited access for 12 whole months of distinctive global analysis

Photovoltaics International is now included.

  • Regular insight and analysis of the industry’s biggest developments
  • In-depth interviews with the industry’s leading figures
  • Unlimited digital access to the PV Tech Power journal catalogue
  • Unlimited digital access to the Photovoltaics International journal catalogue
  • Access to more than 1,000 technical papers
  • Discounts on Solar Media’s portfolio of events, in-person and virtual

Or continue reading this article for free

“ReneSola’s acquisition of Dynamic Green will significantly increase our OEM capabilities and will accelerate the implementation of our strategy to become a fully integrated solar company,” commented Xianshou Li, ReneSola’s Chief Executive Officer. “The acquisition will enhance our competitiveness by enhancing our product quality, provide cost synergies and expand our strategic relationships with global key industry players. We believe the strategic benefits of uniting two highly complementary companies will create additional shareholder value through earnings accretion and access to new growth opportunities.”

All the long-term contracts for OEM services, which include Evergreen and SunPower will continue.

Mr. Jay Peir, SunPower’s Vice President of Corporate Development, added, “Jiawei has been a key long standing partner to SunPower since 2004. This relationship has enabled us to combine market leading technology with high quality, low cost manufacturing. We believe this acquisition will result in a stronger partner with the ability to grow and meet our continuing needs.”

ReneSola said in a separate statement that its third quarter 2009 revenue outlook to be in the range of US$130 million to US$140 million and expects its gross margin to be similar to that of its second quarter 2009. Revenue outlook for 2009 is said to be in the range of US$470 million to US$500 million and maintains its prior product shipment outlook for 2009 of 450MW to 500MW.

Read Next

July 18, 2024
EDP Renewables North America (EDPR NA) has inaugurated the 200MW/40MW  Scarlet I solar-plus-storage project in Fresno County, California.
July 18, 2024
US-based off-grid solar product manufacturer d.light has secured US$176 million to support its PayGo consumer loan offering in three African countries.
July 18, 2024
The facility can process up to 100,000 tonnes of decommissioned solar modules per year that can reduce electronic waste sent to landfills.
July 18, 2024
Recent PV pricing volatility has prompted Platts, part of S&P Global Commodities, to launch a new module spot market tracker for the US, Asia and Europe.
Premium
July 18, 2024
“We believe this policy will unlock opportunities for renewables as it increases electricity supply avenues."
July 18, 2024
Egypt aims to accelerate the approval process for new renewables capacity to be constructed in the country.

Subscribe to Newsletter

Upcoming Events

Upcoming Webinars
July 31, 2024
1:00 PM (BST) / 2:00PM (CEST)
Solar Media Events
September 24, 2024
Warsaw, Poland
Solar Media Events
September 24, 2024
Singapore, Asia
Solar Media Events
October 8, 2024
San Francisco Bay Area, USA