Phoenix Solar AG completes entry into the United States solar electricity market

Phoenix Solar Aktiengesellschaft / Miscellaneous

05.08.2010 07:12

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Phoenix Solar AG completes entry into the United States solar electricity
market

*Subsidiary headquartered in the high-growth solar market of the State of
California
*Experienced energy industry leaders take key positions in the US
subsidiary

Sulzemoos, 5 August 2010 / Phoenix Solar AG (ISIN DE000A0BVU93), a leading
international photovoltaic system integrator listed on the German TecDAX,
today announced the incorporation of a wholly-owned subsidiary under United
States law and the location of its Americas headquarters in the high-growth
solar market of the State of California. Phoenix Solar Systems Inc. is
headquartered in Northern California at the Bishop Ranch Business Park
located in San Ramon, near San Francisco. The office is expected to be
fully operational as from 1 September 2010.

The wholly-owned California-based subsidiary will build up its operations
on the platform of Phoenix Solar AG's proven engineering, supply chain,
construction, commissioning and operations and maintenance competencies
with a view to offering large-scale photovoltaic power plant solutions to
commercial and larger-scale project developers, independent power producers
and utility customers. The company has plans to expand swiftly into other
high-growth and high potential markets in the USA, especially targeting
East coast and Southwest States.

Mr. Paul J. Caudill has been appointed by the Phoenix Solar AG Executive
Board as Chief Executive Officer & President of Phoenix Solar Systems Inc.
Paul Caudill comes to Phoenix Solar from SunPower Corporation,
headquartered in San Jose, California, where he served successfully as the
company's head of Global Systems Operations.  Reporting to the President of
the Global Utility and Power Plant Business Unit, he was directly
responsible for proposal design and up-front sales and customer support,
engineering, construction, commissioning and operation of larger-scale
solar power plants in the United States, Canada and Europe. In 2009, he
worked hand-in-hand with SunPower's sales and project development teams to
successfully deliver on a number of significant solar plant contracts in
both the United States and Europe, including a project of more than 25 MWp
for a leading US utility in the State of Florida and a 24 MWp project for a
privately-held developer in the Lazio region in Italy.

Prior to his work with SunPower, Paul Caudill held the position of Senior
Vice-President, Operations for a US firm engaged in the production and
distribution of fuel-grade ethanol. In this position, he managed the
engineering, procurement, construction and operation of 16 large-scale
plants and a team of over 900 direct employees.

Peter Beucke has joined Phoenix Solar Systems Inc. as Chief Operating
Officer. Over the past two years, he has been responsible for the design
and implementation of multi-megawatt photovoltaic power plants in the USA
and Europe in the capacity of Director of Global Design and Engineering
Services at SunPower Corporation. Prior to this, Peter Beucke was a Senior
Vice President at Lennar Homes Bay Area Division. Mr. Beucke worked for
twelve years at Lennar in various managerial positions, including the
position of Senior Vice President of Sales and Marketing. He has more than
25 years of construction experience, is a licensed architect, licensed
contractor and licensed real estate broker in the State of California.

Stated Paul Caudill, 'The United States represents a rapidly growing market
for solar energy. Starting with installation of approximately 140 megawatt
peak (MWp) in 2006, the US market grew to installations of nearly 485 MWp
in 2009. Industry research analysts forecast market growth could rise to
850 MWp in 2010. In the nearer future, the US market is expected to replace
Germany as the world's largest photovoltaic market.'

California dominates the US photovoltaic market, with a market share of 54
percent in 2009. The State has set ambitious goals: by the year 2020
renewable energies are to make up 33 percent of the energy mix. US
development incentives encouraging investment in large-scale photovoltaic
projects include tax relief, or Investment Tax Credits, as well as in a
growing number of renewable energy portfolio standards or quotas set at the
State level.

'We are delighted to be entering the promising US market backed by the
experience of Paul Caudill and Peter Beucke', commented Dr. Andreas Hänel,
Chief Executive Officer of Phoenix Solar AG. 'Since it's founding in 1999,
Phoenix Solar AG has gained more than 600 megawatts worth of experience in
international project and trading. Following its start-up phase, which is
likely to last until 2011, our US subsidiary is expected to make a major
contribution to the revenues of the Phoenix Solar Group.'

Paul Caudill responded: 'I am privileged to be given the opportunity of
leading the expansion of Phoenix Solar's solar power plant development and
fulfilment capabilities into the promising US market. The parent company
has an outstanding reputation for delivery of high-quality solar power
plants, an excellent leadership team and a strong employee-led culture. We
intend to capitalize on these strengths as we move into California, to
start off with, and then expand our service offerings into other leading
solar States'.

Phoenix Solar will be exhibiting at the 'Solar Power International 2010' in
Los Angeles (West Hall, Stand 1151) in October.

Reproduction permitted

About Phoenix Solar AG
Phoenix Solar AG, which has its headquarters in Sulzemoos near Munich, is a
leading international photovoltaic system integrator. With total revenues
of EUR 473 million, the Group achieved an EBIT of EUR 12.2 million in the
financial year 2009. The company develops, plans, builds and takes over the
operation of large-scale photovoltaic plants and is a specialist wholesaler
for complete power plants, solar modules and accessories. The Group is a
leader in photovoltaic system technology. It focuses on the consistent
lowering of system costs. With a sales network throughout Germany, and
subsidiaries in Spain, Italy, Greece, France, Singapore, Oman, Australia
and the United States of America, the Group currently has a workforce of
more than 300 employees. The shares of Phoenix Solar AG (ISIN DE000A0BVU93)
are listed on the official market (Prime Standard) of the Frankfurt Stock
Exchange and on the TecDAX, Deutsche Börse AG's technology index.

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 




05.08.2010 Ad hoc announcement, Financial News and Press Release
distributed by DGAP.
Media archive at www.dgap-medientreff.de and www.dgap.de

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Language:     English
Company:      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 (m:access), Hannover, Düsseldorf,
              Stuttgart, Hamburg
 
End of News                                     DGAP News-Service
 
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