Phoenix Solar AG Founds Subsidiary in Greece

After realizing the potential of Greece’s solar market since the country passed a feed-in tariff in 2006, Phoenix Solar AG has founded a subsidiary in Athens called Phoenix Solar E.P.E. The company’s task is to supplement already existing sales activities in the power plant business in Greece by adding the components & systems segment.

Phoenix Solar entered the Greek market in 2007 by signing a framework agreement with a Greek project developer on the development of power plant projects of up to 25 megawatts (MW) and closing a contract for the construction of its first MW power plant in Greece. Construction work started at the beginning of April 2008. It will be the one of the largest grid-connected photovoltaic power plants in Greece.

This region is one of the world’s biggest growth markets for photovoltaics. Positioning the company in the Greek market is intended to make an important contribution to raising the share of international business in the company’s total revenues to more than 50 percent by 2010. In June of 2006, Greece passed a feed-in tariff for renewable energies.

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