Tongwei to acquire no less than 51% stake in Runergy
2024-08-14 15:08:39 [Print]
Tongwei Co., Ltd. announced that it intends to acquire no less than 51% stake in Jiangsu Runergy New Energy Technology Co., Ltd. through capital boost and share purchase.
Tongwei plans to sign a Letter of Intent with Jiangsu Yueda Group Co., Ltd. and Runergy's shareholders including Shanghai Yueda New Industrial Group New Energy Co., Ltd. Under the LOI, Yueda Group will make a cash capital increase of RMB1 billion (USD140 million) to Runergy.
After Tongwei completes the due diligence, audit, evaluation of Runergy, and reaches a formal capital increase agreement with all parties, it will give Runergy a capital boost and acquire shares held by Yueda Group in Runergy relating to the aforementioned RMB1 billion capital increase, to get more than 51% equity interest of Runergy, for a total transaction amount of up to RMB5 billion (USD699 million). Upon completion, Runergy will become a holding subsidiary of Tongwei.
Runergy now has annual production capacities of 55,000t of industrial silicon, 130,000t of polysilicon, 7GW of pulled crystal, 10GW of slice, 57GW of solar cell and 13GW of modules.
Tongwei plans to sign a Letter of Intent with Jiangsu Yueda Group Co., Ltd. and Runergy's shareholders including Shanghai Yueda New Industrial Group New Energy Co., Ltd. Under the LOI, Yueda Group will make a cash capital increase of RMB1 billion (USD140 million) to Runergy.
After Tongwei completes the due diligence, audit, evaluation of Runergy, and reaches a formal capital increase agreement with all parties, it will give Runergy a capital boost and acquire shares held by Yueda Group in Runergy relating to the aforementioned RMB1 billion capital increase, to get more than 51% equity interest of Runergy, for a total transaction amount of up to RMB5 billion (USD699 million). Upon completion, Runergy will become a holding subsidiary of Tongwei.
Runergy now has annual production capacities of 55,000t of industrial silicon, 130,000t of polysilicon, 7GW of pulled crystal, 10GW of slice, 57GW of solar cell and 13GW of modules.
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