Phoenix Solar AG owns project rights for a solar park with a peak power of 50 megawatts in Bulgaria

- All approvals obtained
- Sales negotiations with investors under way

Sulzemoos - Phoenix Solar AG (ISIN DE000A0BVU93), a leading international photovoltaic system integrator listed in the Prime Standard of the Frankfurt Stock Exchange, has secured the project rights for a solar park with a peak power of 50 megawatts in Kazanlak situated in Bulgaria’s inland. The solar park comprises ten SPVs, each with a peak power of five megawatts. The project development for this solar park was initiated back in 2009 when Phoenix Solar secured the rights for 20 megawatts. Following the successful project development and securing of the feed-in tariff, Phoenix Solar was able to raise the volume to 50 megawatts. Phoenix Solar is currently negotiating with several investors to sell the project. All the approvals necessary for realising the solar park have been obtained. The construction of the first phase is due to start before the close of 2011.

The Bulgarian Parliament approved the enactment of a feed-in tariff for electricity from renewable energies in June 2011. Similar to Germany, the amount of the feed-in remuneration is fixed for 20 years. At present, remuneration comes to a converted amount of around 24.8 euro cents per kilowatt hour.

\"We have been actively engaged in Bulgaria\'s photovoltaic market since October 2009. The successful project development and the subsequent sale of the solar power plant in Kazanlak is another step forward in the internationalisation of Phoenix Solar AG. It is the largest project development ever of Phoenix Solar AG\", said Dr. Andreas Hänel, Chief Executive Officer of Phoenix Solar AG.

The solar park is being built on 114 hectares of land belonging to the Municipality of Kazanlak. The specific yield of the plant in this region comes to between 1,300 and 1,350 kilowatt hours per kilowatt peak a year and is therefore 30 percent higher on average in comparison with Germany.

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 operates large-scale photovoltaic plants and is a specialist wholesaler for turnkey 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 in the official market (Prime Standard) of the Frankfurt Stock Exchange.


Sulzemoos, 4th October 2011


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