Tongwei to acquire controlling stake in Runergy for approximately $698 million

Chinese solar company Tongwei plans to acquire a controlling 51% stake in competitor Runergy for around 5 billion yuan ($697.78 million). This strategic move would allow Tongwei to expand its presence in the United States, where Runergy is building a 5 GW solar module plant in Huntsville, Alabama. The acquisition involves a combination of capital boost and share purchase. Runergy, which holds 57 GW of solar cells and 13 GW of module production capacity, is…