Microalgae are often considered a promising alternative for production of renewable energy, particularly as a potential producer of biodiesel. In order to improve largescale, industrial culturing systems, the development of mathematical models that are capable of predicting photosynthetic productivity under dynamic conditions is crucial. Especially important are the processes of growth inhibition due to excess light, known as photoinhibition, and of adjustment of the light harvesting capacity to photon flux, known as photoacclimation. In this paper, we develop a dynamic model that accounts for the processes of photoinhibition, photoacclimation and growth in microalgae, thereby spanning multiple time scales. The properties of the model are investigated under quasi steadystate conditions and the model is validated against several experimental data sets from the literature. We also discuss how the model can provide new insights into the mechanisms underlying photoacclimation.