Tongwei drops plan to acquire Runergy
Tongwei, a vertically integrated solar manufacturer in China, has decided to drop its plan to acquire a controlling stake in China-based module producer Runergy.
The move marks the end of a potential $700 million deal, which had been in the works for six months. Tongwei originally intended to invest CNY 5 billion ($700 million) to buy a 51% stake in Runergy. However, in a statement released, the company said it would terminate its non-binding capital increase agreement with Runergy, effectively ending the acquisition talks.
Despite thorough due diligence, including business audits, legal assessments, and multiple rounds of negotiations, some commercial terms remained unresolved, prompting the decision to abandon the deal.
Runergy, one of the world’s largest independent solar cell suppliers, has been struggling financially. After its IPO was rejected by China’s Securities Regulatory Commission (CSRC) in June 2024, the company’s cash flow deteriorated, exacerbated by a sharp drop in module prices. In response, Yueda Group, a state-owned automotive conglomerate based in Yancheng, Jiangsu, invested CNY 1 billion ($140 million), becoming Runergy’s largest shareholder and temporarily easing its financial pressure.
Tongwei’s interest in Runergy stemmed from its substantial overseas production capacity, particularly in Southeast Asia, where Runergy operates plants in Thailand and Vietnam, as well as in the U.S. The acquisition would have allowed Tongwei to expand its international footprint, complementing its domestic capacity. However, the downturn in the solar industry, combined with mounting losses for Tongwei – projected to reach CNY 7 to 7.5 billion ($1 to $1.05 billion) in 2024 – led to the abandonment of the deal.
Runergy’s ability to continue operations remains uncertain.
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