China-based manufacturer of solar products ReneSola has agreed to acquire rival Dynamic Green Energy in a share and cash deal.

China-based manufacturer of solar products ReneSola has agreed to acquire rival Dynamic Green Energy in a share and cash deal.

Dynamic Green produces equipment for the solar industry across China. The company generated a turnover of $53.3 million (£32.7 million) in 2008, and gross profits of $16.8 million.

Xianshou Li, ReneSola chief executive officer, said: ‘The acquisition will enhance our competitiveness by enhancing our product quality, provide cost synergies and expand our strategic relationships with global key industry players.’

ReneSola reported a decrease in revenue of 13 per cent to $106.9 million in the first three months of 2009.