ReneSola just announced that it has share purchase agreement to acquire Dynamic Green Energy. Dynamic Green owns Jiawei Solarchina Co and other subsidiaries, owns production facilities for solar ingots and PV modules and also assists other solar manufacturers with original equipment manufacturing.  Under the agreement, ReneSola will gain ownership of all of Dynamic Energy’s shares in exchange for the following: 26,787,210 shiny new ordinary shares of ReneSola and a $10 million convertible promissory note.

In a press release, executives from both companies commented on the deal:

“ReneSola’s acquisition of Dynamic Green will significantly increase our OEM capabilities and will accelerate the implementation of our strategy to become a fully integrated solar company,” said Mr. Xianshou Li, ReneSola’s chief executive officer. “The acquisition will enhance our competitiveness by enhancing our product quality, provide cost synergies and expand our strategic relationships with global key industry players. We believe the strategic benefits of uniting two highly complementary companies will create additional shareholder value through earnings accretion and access to new growth opportunities.”

“Dynamic Green is excited to join forces with ReneSola,” said Mr. Kongxian Ding, Dynamic Green’s chairman and chief executive officer. “The synergies created by the two businesses will allow us to better serve and expand our existing global customer base and provide immediate opportunities to leverage efficiencies and drive innovation for future growth.”