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Press Release

Publisher: Phoenix Solar AG

ad-hoc release Phoenix Solar AG: project development contract signed for a 20 megawatt solar park in Bulgaria

Sulzemoos - Phoenix Solar AG (ISIN DE000A0BVU93), a leading photovoltaic system integrator listed on the TecDAX, has today signed a project development contract with a Bulgarian subsidiary of the Krass Capital Group AG, a company headquartered in Gräfelfing. The contract stipulates the development of a solar park with a peak output of around 20 megawatts by the Bulgarian project developer. Upon taking over the project companies, Phoenix Solar will carry out turn-key construction of the solar park, be responsible for its operation and maintenance, and sell these project companies to one or more investors. The completion of Phoenix Solar AG’s first multi-megawatt solar park in Bulgaria has been scheduled for 2010.


This is an English translation of the German original. In the event of any doubt, the German version shall prevail.


Disclaimer

The content of this ad-hoc release is solely for information purposes and is not intended to constitute a recommendation for investment or a solicitation to subscribe or an offer to buy or sell securities of the company. Phoenix Solar AG shall undertake no liability whatsoever for any loss in connection with this press release or the information made available. This also applies particularly to any eventual loss in connection with the shares of Phoenix Solar AG.

This document contains forward-looking statements on future developments which are based on management’s current assessment. Words such as “anticipate”, “assume”, “believe”, “estimate”, “expect”, “intend”, “can/could”, “plan”, “project”, “forecast”, “should”, and similar terms are indicative of such forward-looking statements. Such statements are subject to certain risks and uncertainties which are mainly outside the sphere of influence of Phoenix Solar AG, but which have an impact on the business activities, the success, the business strategy and the results. These risks and factors of uncertainty include, for instance, climatic change, changes in the state subsidisation of photovoltaics, the introduction of competitor products or technologies of other companies, the development of the planned internationalisation of business activities, fierce competition as well as rapid technological change in the photovoltaic market. If one of these or other factors of uncertainty or risks should occur, or if the assumptions underlying the statements should prove incorrect, the actual results may diverge substantially from the results in these statements or implicit indications. Phoenix Solar AG does not have the intention nor will it undertake any obligation to realise forward-looking statements on an ongoing basis or at a later point in time as this is entirely dependent on circumstances prevailing on the day of their release.

In some countries, especially in the United States of America, the dissemination of this press release and the information contained therein may be restricted or prohibited under the law. This press release is therefore expressly not intended for persons resident in the United States of America or any other legal system under which such an offer or solicitation is not permissible, or for persons for whom such an offer or invitation would constitute a breach of the law.


Sulzemoos 14.10.2009


Publication and Reprint free of charge; please send a specimen copy
to Phoenix Solar AG.



Attention editorial offices: For further questions please contact Mrs.
Anka Leiner, Investor Relations Phoenix Solar AG.

Hirschbergstr. 8
D-85254 Sulzemoos
Tel: 08135-938-315
Fax: 08135-938-399
E-mail: a.leiner@phoenixsolar.de
Internet: http://www.phoenixsolar.de



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About Phoenix Solar AG

Phoenix Solar AG, which has its headquarters in Sulzemoos near Munich, is an international photovoltaic system integrator. The Group develops, plans, builds and operates large-scale photovoltaic plants and is a specialist wholesaler for turnkey power plants, solar modules and accessories. With subsidiaries on three continents, the
company has sold solar modules with an output of significantly more than one gigawatt since its founding. The shares of Phoenix Solar AG (ISIN DE000A0BVU93) are listed on
the official market (Prime Standard) of the Frankfurt Stock Exchange.

www.phoenixsolar-group.de



Press contact at Phoenix Solar AG

Dr. Joachim Fleing
Mail: j.fleing@phoenixsolar.de
Phone: 08135 / 938-315