Chinese PV Industry Brief: Tongwei starts due diligence on bid for Runergy

Tongwei has initiated due diligence on its CNY 5 billion ($691.8 million) bid to acquire Chinese solar maker Runergy, aiming to secure at least 51% of its equity. The deal, which would be the largest in the PV sector this year, remains subject to changes or potential termination.

Image: Tongwei Solar

Share

Tongwei said it is conducting due diligence on Runergy following the signing of an acquisition agreement. It is now assessing the financial and operational aspects of the Runergy. The CNY 5 billion ($691.8 million) deal, which aims to secure at least 51% of Runergy’s equity, could still face changes or potential termination. Tongwei submitted its bid to acquire Runergy in mid-August. The plan involves using self-raised or borrowed funds to invest in Runergy and purchase shares held by Jiangsu Yueda, with the goal of securing at least 51% of Runergy's equity.

UtmoLight said that its 1,200 mm x 600 mm commercial perovskite module has secured certification from TÜV SÜD. It said the module, made on its 150 MW production line, underwent rigorous IEC61215/61730 stability testing. It has a power output of 120 W and a full-surface conversion efficiency of 16.7% – the highest efficiency for an IEC-certified perovskite module to date.

PowerChina has completed the CNY1.5 billion issuance of medium-term green notes (carbon-neutral bonds) in the interbank market, with a five-year term and a 2.27% coupon rate, setting a new low for comparable issuances since October.

Xiuqiang Glasswork has revealed plans to invest up to CNY75 million to build a new production line in Thailand. This overseas expansion plan is in line with the trend of shifting PV supply chain capacity from China to Southeast Asia.

Arctech Solar has unveiled plans to raise CNY1.1 billion through a private placement. It will use the net proceeds to expand its parallel-drive tracker capacity, build the Su Song photovoltaic component park, set up a tracking support production base in western China, open an R&D lab, and shore up its working capital.

This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact: editors@pv-magazine.com.

Popular content

Chinese developer switches on world’s largest perovskite-based PV plant
09 December 2024 MicroQuanta, a Chinese perovskite solar specialist, has commissioned a 8.2 MW PV facility based on its 90 W perovskite panels in eastern China.