Chinese solar firm Tongwei plans to take controlling stake in Runergy for $698 million

Solar company Tongwei is planning to buy a controlling stake in competitor Runergy for about 5 billion yuan ($697.78 million) in a move that would allow the Chinese company to gain presence in the United States. The company is looking to acquire at least 51% of Runergy via a capital boost and share purchase, Tongwei said in a filing with the Shanghai stock exchange late on Tuesday. Runergy, which is building a 5 gigawatt (GW) solar module plant in Huntsville, Alabama, is among Chinese solar firms setting up shop in the U.S. to take advantage of clean energy manufacturing subsidies under the 2022 Inflation Reduction Act.