ReneSola boost OEM strategy with acquisition of Dynamic Green Energy

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on reddit
Reddit
Share on email
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.

“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.

6 July 2021
Explore in depth the opportunities of the different countries via case studies, business and financial models that will foster growth in the region with particular focus on Thailand, Philippines, Indonesia, Taiwan, Korea, Cambodia, Singapore, Malaysia & Vietnam.
13 July 2021
Energy Next is a new industry exhibition focusing on the latest renewable energy and energy efficiency technology, which will be held for the first time in 2021 in Sydney, Australia alongside the Clean Energy Council’s Australian Clean Energy Summit, the peak gathering of leaders driving Australia's energy transformation. Organised by the same people behind Australia’s largest clean energy event, All-Energy Australia, Energy Next will give visitors two days of access to key suppliers in the industry, free-to-attend professional development and industry workshops, and networking opportunities to better understand clean energy issues and solutions and learn about the latest developments in this transformational, dynamic sector.
24 August 2021
Join us to hear directly from the CTOs and heads-of-research from the top-20 cell/wafer producers to the PV industry today. You'll find out which companies are investing and what technologies and cell architectures are being primed for multi-GW production and gather key market intel around wafer supplier trends for cell manufacturing, including which format/wafer-size is likely to dominate 3-5 years out.
25 August 2021
The Intersolar Summit Brasil Nordeste takes place in Fortaleza, Brazil. It addresses leading local and international experts on solar power and renewable energy in the region. The Summit’s mission is to provide in-depth education, enable high-quality networking opportunities, expand the use of PV technologies at regional and national level and strengthen the local PV industry. The Intersolar Summit Brasil Nordeste is organized by Intersolar South America - Latin America’s largest exhibition and conference for the solar industry: Solar Promotion International GmbH, Pforzheim, Freiburg Management and Marketing International GmbH (FMMI) and Aranda Eventos & Congressos Ltda, São Paulo as co-organizer.
6 September 2021
The 38th European Photovoltaic Solar Energy Conference and Exhibition will be held online from 6 - 10 September 2021, allowing PV experts from all around the globe to participate with just one click! The EU PVSEC is the world's leading forum for PV Research and Development and the biggest Conference on PV Solar Energy worldwide. That is why PV experts from all around the globe are keen on gathering together each year to be part of this specialist’s event, to present and discuss the latest developments in Photovoltaics, to network and to conduct business.
7 September 2021
Intersolar Mexico sits at the cross-section of photovoltaics, solar heating & cooling technologies, and energy storage. The event serves as the industry’s go-to source for invaluable technology trends and premier B2B contacts in the promising Mexican solar market. In its second edition from September 7–9, 2021 Intersolar Mexico together with the co-located The GREEN Expo® and Aquatech Mexico will move to a new venue – Centro Citibanamex.

Read Next

June 18, 2021
The Federal Energy Regulatory Commission (FERC) this week presented a draft order aimed at establishing a joint Federal-State task force on electric transmission
June 18, 2021
Horizon Power and PXiSE Energy Solutions have successfully powered the Australian town of Onslow with completely renewable energy, demonstrating the potential of microgrid technology
June 18, 2021
Spanish utility Acciona has set a price range for its planned initial public offering (IPO) of its renewables division of up to €29.76 (US$35.36), potentially valuing the business unit at as much as €9.8 billion (US$11.6 billion).
June 18, 2021
UNOPS Sustainable Investments in Infrastructure and Innovation (S3i) has signed an agreement to invest in a 250MW solar plant in Rajasthan, India
June 18, 2021
Lightsource BP has added 703MW to its Spanish pipeline through the acquisition of projects from Grupo Jorge, bringing its total pipeline in Spain to 3GW.
June 18, 2021
Diode Ventures has announced financial close of its Grizzly Ridge Solar Project, a utility-scale solar project with 138MWdc capacity which will serve the ERCOT North Zone in Texas.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
July 6, 2021
Solar Media Events
August 24, 2021
Solar Media Events, Upcoming Webinars
October 6, 2021