Tongwei plans to acquire controlling interest in Runergy

By Carrie Xiao
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Tongwei's stand at SNEC.
Tongwei plans to commit up to RMB5 billion as part of the transaction. Image: PV Tech.

Chinese PV manufacturer Tongwei has announced plans to sign a ‘Capital Increase Intention Agreement’ with fellow Chinese company Runergy and obtain a controlling interest in the latter firm.

Tongwei announced the plans on the evening of 13 August, and negotiations are at an advanced stage. As part of the deal, the Jiangsu Yueda Group plans to increase its investment in Runergy by RMB1 billion (US$140 million).

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After completing due diligence, as well as an audit and evaluation of Runergy, Tongwei will add to its investment in Runergy with its own or self-raised funds, and acquire the equity of Runergy obtained by Yueda Group in cash, so as to obtain a total equity in Runergy of no less than 51%.

The total amount of the transaction will not exceed RMB5 billion (US$700 million). After completion of the transaction, Runergy will become a holding subsidiary of Tongwei.

Statistics show that from 2020 to 2022, Runergy’s cell sales ranked third in the world and in 2023, it maintained its position in the top five in global cell shipments. It is worth noting that Runergy suspended its listing plan not long ago.

Runergy’s main business is concentrated on cells, with cell revenue accounting for more than 99% of the total. At present, Runergy has an industrial-grade silicon production capacity of 55,000 tons, polysilicon production capacity of 130,000 tons, ingot pulling capacity of 7GW and slicing capacity of 10GW.

The company’s high-efficiency solar cell capacity is 57GW, and its downstream module capacity is 13GW. In addition, Runergy has developed business plans for PV plants.

To meet the traceability requirements of overseas markets, Runergy has also built competitive capacities in some markets overseas, such as the US, Thailand and Vietnam.

Tongwei said in the announcement that the transaction would be beneficial in fully maximising the connection formed between Tongwei and Runergy. Earlier this year, Wood Mackenzie ranked Tongwei sixth in its latest module manufacturer rankings, and the proposed acquisition would further consolidate Tongwei’s market share in core sectors of high-purity silicon and high-efficiency solar cells and modules, and effectively supplement its capacity overseas.

The company will also hope the transaction helps broaden its sales channels in markets overseas, and enhance its overall global competitiveness.

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