Phoenix Solar Aktiengesellschaft / Joint Venture/Strategic Company Decision
17.12.2009
Dissemination of a Corporate News, transmitted by
DGAP - a company of EquityStory AG.
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Phoenix Solar AG founds subsidiary in Oman
- Gulf region with high potential for photovoltaics
- Strategic partnership with Silver Circle Overseas
Sulzemoos, 17 December 2009 / Phoenix Solar AG, a leading photovoltaic
system integrator listed on the TecDAX, has founded Phoenix Solar L.L.C. in
Muscat which is the capital city of the Sultanate of Oman. Phoenix Solar AG
holds 70 percent and Silver Circle Overseas L.L.C. (SCO), its local partner
in Oman, 30 percent in Phoenix Solar L.L.C. The newly founded company will
realise solar projects in Oman and in the Gulf States.
The business model of Phoenix Solar L.L.C. is focused on the planning and
turnkey construction of ground- and roof-mounted photovoltaic systems which
are either grid-connected or stand-alone.
Silver Circle Overseas has been operating in Oman since 2005, and
concentrates its business activities on renewable energies as well as
tourism-related and industrial projects. SCO is a company of the Royal
Family of Oman and operates throughout the whole Gulf region. Together with
SCO, Phoenix Solar has already participated in two tenders for photovoltaic
projects in Oman.
With its entry into the Gulf region, Phoenix Solar has positioned itself at
an early stage in a high-growth market with excellent solar irradiation.
The Oman government is already planning the transition away from
conventional sources of energy to renewable energies. In 2007, the
regulatory authority (AER) commissioned COWI A/S, a company based in
Denmark, to carry out a feasibility study in cooperation with SCO on the
potential of renewable energies in Oman. Huge potential was ascertained,
above all for sun and wind energy, and recommendations for photovoltaics
and wind pilot projects were drawn up and have been consistently
implemented since then.
The Managing Director of Phoenix Solar L.L.C. is Klaus Friedl. The 42-year
old German national has worked intensively in the field of renewable
energies in Oman since 2006. Dr. Torsten Hass, Executive Vice President
Solar Energy Investments of Phoenix Solar AG, will assume the function of
Deputy Chairman of the Board of Directors of Phoenix Solar L.L.C, alongside
Chairman H.E. Sayyid Salem bin Musallam Al-Bussaidi. Moreover, Phoenix
Solar L.L.C. will work closely together with the Sultan Qaboos University
and the Caledonian College of Engineering.
'We see great opportunities in our market entry into Oman and the Gulf
States which is an area where the conditions for photovoltaics are ideal.
In Silver Circle Overseas we are delighted to have found a competent and
established partner that is excellently positioned in the region. This will
enable us to deliver proof of our long-standing experience and know-how in
the construction of photovoltaic power plants', commented Ulrich
Reidenbach, Chief Sales Officer of Phoenix Solar AG.
This is an English translation of the German. 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. With total revenues
of more than EUR 402 million, the Group achieved an EBIT of EUR 33.8
million in the financial year 2008. For 2009, the Phoenix Solar Group
anticipates revenues of between EUR 430 and 480 million, generated in
Germany and abroad. Phoenix Solar AG plans, builds and operates large
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 and Australia, the Group
currently has a workforce of more than 250 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.
About Silver Circle Overseas L.L.C.
Silver Circle Overseas L.L.C. with its headquarters in Muscat in the
Sultanate of Oman, invests in the areas of project development, renewable
energies and various industrial sectors. The Group develops real estate and
tourism projects on property of more than 1.1 million square metres and is,
among others, a local co-founder of the Dhofar Power Company and the Bank
Dhofar. Silver Circle Overseas L.L.C. was founded in 2005 and has been
closely following the issue of renewable energies since 2006. In
cooperation with COWI A/S, a Danish company, Silver Circle Overseas L.L.C.
completed a study in 2008 on the potential of renewable energies for the
local regulatory authority (www.aer-oman.org). Since then solar energy
above all has developed into one of the company's focal areas.
Contact:
Phoenix Solar AG
HirschbergstraÃe 8
D-85254 Sulzemoos
Press & Public Relations
Andrea Wegner
Tel. +49 (0)8135 938-313
Fax +49 (0)8135 938-399
a.wegner@phoenixsolar.de
www.phoenixsolar.de
Amtsgericht München HRB 129117
Ust-ID Nr. DE 812868419
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Language: English
Company: Phoenix Solar Aktiengesellschaft
HirschbergstraÃe 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, Hannover, Düsseldorf, München, Hamburg, Stuttgart
End of News DGAP News-Service
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DGAP-News: Phoenix Solar AG founds subsidiary in Oman
| Source: EQS Group AG