Phoenix Solar Singapore extends reach to India

- Two contracts of one MWp each in Tamil Nadu and Gujarat states
- Increasing internationalisation


Sulzemoos - Phoenix Solar Pte Ltd in Singapore, the Asia Pacific subsidiary of Germany-based Phoenix Solar AG, has signed two further contracts in the region, totalling two megawatts peak power (MWp).

India’s PV market grew by 57 percent to reach approximately 69 MWp in 2010 and the government plans 20 Gigawatts of installed photovoltaic capacity by 2022. \"India is poised for expansion and offers immense market potential. The country’s high insolation (1,500 - 2,000 kWh/m2), combined with plentiful available land, strong demand and power purchase agreements (PPA) makes it an ideal location for solar PV\", said Christophe Inglin, Managing Director of Phoenix Solar Pte Ltd.

Phoenix Solar Singapore and local company Alectrona Energy Private Limited have contracts to jointly supply and install a one MWp system in Tamil Nadu for Great Shine Holdings Pvt Ltd, a subsidiary of Zynergy Projects and Services Pvt Ltd. The system uses copper indium gallium diselenide (CIGS) modules from MiaSolé, and SMA inverters. Approximately 9,000 modules will cover an area of 1.8 hectares of flat land and feed over 1,600 megawatt hours a year into the National Thermal Power Corp (NTPC) grid. This project is funded under the Jawaharlal Nehru National Solar Mission (JNNSM), with a PPA of INR 18.45/kWh (approx. EUR 0.29/kWh) for 25 years.

Said Mr Rohit Rabindernath, Zynergy’s CEO, \"We have big plans for India’s solar sector, and we are very pleased to partner with Phoenix Solar for this pilot project – the first of many to come\".

Phoenix Solar Singapore has also signed a one MWp contract with Chemtrols Solar Pvt Ltd for a project in the state of Gujarat, India, using First Solar modules and SMA inverters. This system will use over 13,000 modules to cover 2.2 hectares. The plant will feed 1,600 megawatt hours per year into the Gujarat Energy Transmission Corporation Limited (GETCO) grid, with a PPA of INR 15/kWh (approx. EUR 0.24/kWh) for years 1-12, and INR 5 (approx. EUR 0.08/kWh) for years 13-25.

\"We value the close collaboration with Phoenix Solar especially in the early phases of India’s PV market development. We appreciate the experience that Phoenix Solar brings to the table\", said Sharad Saxena, CEO of Chemtrols Solar Pvt Ltd.

For Dr. Andreas Hänel, CEO of Phoenix Solar AG, this is further proof of the growth in Asia. \"Internationalisation is a critical aspect of our business and we are pleased that our Singapore subsidiary – after the market entry in Malaysia last year – now successful entered both Thailand and the Indian solar market. These first two projects in India mark a significant first step towards an important market in our portfolio.\"

Both projects are scheduled to be connected to the grid by 31 December 2011.

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


About Phoenix Solar AG

Phoenix Solar AG, which has its headquarters in Sulzemoos near Munich, is a leading international photovoltaic system integrator. The Group achieved total revenues of EUR 636 million and an EBIT of EUR 36.4 million in the financial year 2010. 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, Malaysia, Oman, Australia and the United States of America, the Group currently has a workforce of more than 400 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.


Sulzemoos, 29 July 2011

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