DGAP-News: Phoenix Solar Aktiengesellschaft founds a subsidiary in Greece

Phoenix Solar Aktiengesellschaft / Miscellaneous

23.06.2008 

Release of a Corporate News, transmitted by DGAP - a company of EquityStory AG.
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Phoenix Solar Aktiengesellschaft founds a subsidiary in Greece 

•Another consistent step in its strategy of internationalisation
•Greek solar market harbours great growth potential

Sulzemoos/Athens 23 June 2008 / In mid-June 2008, Phoenix Solar AG founded
a subsidiary in Greece. Phoenix Solar E.P.E., which has its headquarters in
Athens, is a wholly owned subsidiary of Phoenix Solar AG. The company’s
task is to supplement already existing sales activities in the power plants
business in Greece by adding the components & systems segment. Phoenix
Solar has thus taken another important step in implementing its
internationalisation strategy and, together with its subsidiary in Spain
and its participation in the Italian company RED 2002, now covers the whole
of southern Europe. This region is one of the world’s biggest growth
markets for photovoltaics (PV). Positioning the company in the Greek market
is intended to make an important contribution to raising the share of
international business in the company’s total revenues to more than 50
percent by 2010.

The general manager of the newly founded company is Dr. Christos
Protogeropoulos who has been working in the field of photovoltaics since
1989. The 46-year old engineer, who did his doctorate in photovoltaics, is
not completely unknown to the European PV world. In 1993, he joined CRES,
Greece’s research centre for renewable energies. In the years from 1998 to
2007, Christos Protogeropoulos was department head of Photovoltaic Systems
and Distributed Generation at CRES. In April 2007, he changed to the
industry side by joining the Solar Cells Hellas Group, where he developed
and managed large-scale PV projects. Recently, at the end of May 2008, he
co-chaired the 4th European PV-Hybrid and Mini-Grid Conference in Athens,
Greece.

Greece has advanced to rank among the most attractive solar markets in
Europe due to legislation effective since June 2006 on feed-in tariffs for
renewable energies. In this sunny country, the compensation for plants
generating a peak output of more than 100 kW (kWp) on the mainland is 40
cents per kilowatt hour (kWh) of solar electricity fed into the grid. On
Greek islands, the tariff is 45 ct/kWh. In the case of PV systems of
capacity lower than 100 kWp, the feed in tariff is 45 ct/kWh on the
mainland and 50 ct/kWh on islands. The tariffs are adjusted every year to
take account of inflation.

As early as 2007, Phoenix Solar entered the Greek market by signing a
framework agreement with a Greek project developer on the development of
power plant projects of up to 25 megawatts and closing a contract for the
construction of its first megawatt power plant in Greece. Construction work
started at the beginning of April 2008. It will be the largest
grid-connected photovoltaic power plant in Greece.

'In Christos Protogeropoulos we have found a general manager who is a
well-known expert in photovoltaics and someone with in-depth knowledge of
the photovoltaics market in Greece. With his help, we will be able to
become a leading supplier of photovoltaic systems in the swiftly growing
Greek solar market', commented Dr. Murray Cameron, the Phoenix Solar AG
Board member responsible for internationalisation.

Christos Protogeropoulos is also looking forward to his new tasks: 'In the
next few weeks I will be getting to know my colleagues and organisation
workflows in Germany. As from 15 July 2008, I will then be able to
concentrate fully on my tasks in the Greek solar market. The potential here
in Greece is enormous. Phoenix Solar has already made a name for itself
through the construction of photovoltaic power plants, which facilitates
the initiation of Phoenix Solar activities in Greece.'

By the end of 2008, the Phoenix Solar subsidiary in Greece will consist of
around five employees in total, in order to meet the challenges of the
rapidly growing Greek solar market.

_______________________
About Phoenix Solar AG
Phoenix Solar AG, which has its headquarters in Sulzemoos near Munich, is a
leading international photovoltaic systems integrator. Until June 2007, the
company, which was set up in 1999, went by the name of Phönix SonnenStrom
AG. With total revenues of EUR 260 million, the Group's EBIT came to EUR
22.3 million in the financial year 2007. The Phoenix Solar Group
anticipates sales of more than EUR 370 million, generated in Germany and
abroad, in the financial year 2008. Phoenix Solar AG plans, builds and
operates large photovoltaic plants and is a specialist wholesaler for
complete power plants, solar modules and accessories. The Group is a leader
in photovoltaic systems technology. It focuses on the consistent lowering
of system costs. With a sales network which covers the whole of Germany,
and subsidiaries in Spain, Singapore and Greece, as well as a participation
in Italy, the Group currently has a workforce of more than 170 employees.
The shares of Phoenix Solar AG (ISIN DE000A0BVU93) are listed on the
official market (Prime Standard) of the Frankfurt Stock Exchange. On 25
March 2008, the shares of the company were admitted to the TecDAX
technology index of Deutsche Börse AG.



Contact:
Phoenix Solar AG
Anka Leiner
Investor Relations
Hirschbergstraße 8
D-85254 Sulzemoos

Tel. +49 (0) 8135 938-315
Fax: +49 (0) 8135 938-399
a.leiner@phoenixsolar.de
www.phoenixsolar.de

Amtsgericht München HRB 129117 
Ust-ID Nr. DE 812868419 


DGAP 23.06.2008 
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Language:     English
Issuer:       Phoenix Solar Aktiengesellschaft
              Hirschbergstraße 8
              85254 Sulzemoos
              Deutschland
Phone:        +49 (0)8135-938-000
Fax:          +49 (0)8135-938-099
E-mail:       kontakt@phoenixsolar.de
Internet:     http://www.phoenixsolar.de
ISIN:         DE000A0BVU93
WKN:          A0BVU9
Indices:      TecDAX
Listed:       Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr
              in Berlin, München, Düsseldorf, Stuttgart
End of News                                     DGAP News-Service
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