Phoenix Solar Signs 14-MW Deal in Italy

Phoenix Solar AG has signed a framework agreement with Meinl International Power Ltd. The agreement is for the planning and turn-key construction of solar photovoltaic (PV) power plants to be built in Italy with a peak output totaling approximately 14 megawatts (MW).

The power plants, each of which with a peak output of approximately 1 MW, will to be built in a number of locations in Sicily by the end of 2009. The projects are in various stages of development. Phoenix Solar will also be responsible for the operation and maintenance of the power plants.

The framework agreement has a volume in the high double-digit million range and is the largest project contract in the history of Phoenix Solar.

The Italian PV market is considered one of the most promising growth markets in Europe. The Italian PV industry association GIFI estimates that the market volume likely to be attained this year is 150 MW. The market is expected to double to more than 300 MW in 2009. The growth rates could exceed those of the German market.
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