ReneSola Ltd. has signed a share purchase agreement with Dynamic Green Energy Ltd. and its shareholders to acquire 100% of the shares of Dynamic Green for 26,787,210 newly issued ReneSola ordinary shares and $10 million in the form of a convertible promissory note issued by ReneSola.
Dynamic Green, through its wholly owned subsidiary, Jiawei Solarchina Co. Ltd., and other Chinese operating subsidiaries, manufactures solar products ranging from ingots to photovoltaic modules and provides original equipment manufacturing services for solar manufacturers.
‘ReneSola's acquisition of Dynamic Green will significantly increase our [original equipment manufacturer] capabilities and will accelerate the implementation of our strategy to become a fully integrated solar company,’ says Xianshou Li, CEO of ReneSola.
SOURCE: ReneSola Ltd.
