Phoenix Solar AG has signed a long-term agreement with Munich-based KG Allgemeine Leasing GmbH & Co. (KGAL) in which the two parties agree that the Phoenix Solar Group will develop photovoltaic power plants and build them on behalf of KGAL, as the general contractor.
For the period from 2008 to 2010 alone, the investment volume is worth at least EUR 275 million. The target markets for the construction of the power plants are Germany, Spain, Italy, Greece and France and, in future, additional countries where the economic conditions are suitable.
Since 2005, Phoenix Solar has been building power plants with an output totalling 16 megawatts for KGAL, which includes a 6.5 MW power plant in La Solana, Spain, which is close to completion. This year is to see more megawatt projects being completed for KGAL in Germany as well.
Just last month, a joint venture established by Phönix Projekt & Service AG and KGAL signed a project development contract for a photovoltaic power output of more than 25 MW with a Project developer based in Greece.
“Through this new framework agreement we are sending a positive signal to the market: we are delighted to be able to work side by side with such an excellent partner in stepping up our efforts in supporting the sustainable development of the solar energy sector”, commented Dr. Klaus Wolf, member of the Borrad of directors of KGAL.
“Phoenix is intensifying its strategic cooperation with KGAL through this framework agreement, thus setting a milestone in the further expansion of the Phoenix Solar Group. The framework agreement takes account of the improved module procurement situation and underscores the long-term positive development of the global solar market”, said Dr. Andreas Hänel, CEO of Phoenix Solar AG.
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