Ad-hoc release: Phoenix Solar AG announces capital increase from Authorised Capital of up to 670,200 shares

Not for distribution, publication or forwarding into the United States of America, Canada, Japan and Australia


Sulzemoos - The Executive Board of Phoenix Solar AG, Sulzemoos, Germany (ISIN DE000A0BVU93), has resolved this morning to raise the company\'s share capital by up to EUR 670,200.00 through the issue of up to 670,200 no par value bearer shares by way of partial utilisation of the Authorised Capital 2010. Shareholders\' subscription rights will be excluded. The Supervisory Board approved the decision today. The new shares are expected to be admitted for trading without a prospectus on 14 July 2010 in the regulated market of the Frankfurt Stock Exchange with a simultaneous listing in the Prime Standard segment of the Frankfurt Stock Exchange, which has additional disclosure obligations. The new shares carry dividend rights as from 1 January 2010.

The new shares are to be offered to institutional investors by way of an accelerated bookbuilding. The placement price and the number of shares to be issued will be promptly determined once the accelerated bookbuilding process has been completed.

Phoenix Solar AG will use the proceeds of the issuance to finance the growth planned by the company and, in particular, for forging ahead with the Group\'s internationalisation.

COMMERZBANK AG is accompanying the transaction as Sole Lead Manager and Sole Bookrunner.


This is an English translation of the German original. Only the German version is binding.


Disclaimer

The content of this ad-hoc release is solely for information purposes and is not intended to constitute an offer nor to solicit the submission of an offer to buy or sell securities. There was no public offering in connection with this transaction nor will there be a public offering of securities. No securities prospectus was or will be prepared in connection with this transaction. The dissemination of this ad-hoc release and the offer and sale of securities may be subject to restrictions under the laws of certain jurisdictions.

United States of America

This ad-hoc release is not intended for persons in the United States of America (including its territories, protectorates, states and the District of Columbia) and may not be disseminated in the United States, either directly or indirectly.

This ad-hoc release represents neither an offer nor part of an offer for the sale of, nor an invitation to submit an offer to purchase or subscribe to, securities in the United States of America. The shares of Phoenix Solar AG mentioned herein (the \"shares\") are not and will not be registered in accordance with the provisions set out under the United State Securities Act of 1933 in the respectively valid version (\"Securities Act\") nor under the securities laws of the individual states of America and are neither offered nor sold in the United States of America. The shares may not be offered or sold in the United States of America or to persons in the United States of America, nor delivered to the country either directly or indirectly, barring exceptional cases subject to exemption from the registration requirements of the Securities Act or the law of an individual state of the United States of America.

Canada, Australia and Japan

This ad-hoc release is not intended for persons in Canada, Australia or Japan. The securities mentioned herein may not be offered or sold to persons in these countries.


Sulzemoos, 13 July 2010


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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Note: For the content of this press release the issuer / publisher of the release is »Phoenix Solar AG« responsible.