The turbine manufacturer expects to also acquire the remaining 1% of RENergy "in the near future".
It will pay approximately $149 million for the 100% stake and will issue new shares to help with payment. The acquisition is expected to be completed later this week.
According to Ming Yang, RENergy is China's largest supplier of turbine control systems, pitch control systems and converters, as well as other components.
It is based in Tianjin, northern China and has two factories. The two companies have worked together closely in the past. In 2014, RENergy supplied $128 million of components to Ming Yang, the company said.
Ming Yang said it hopes the acquisition will lower costs for customers and increase the reliability of its products. Its CEO Chuanwei Zhang said: "The acquisition of RENergy marks a milestone in our transition to become a technology-driven, service-centric provider of comprehensive wind energy solutions."