Phoenix Solar AG To Build Solar PV Plants for KG Allgemeine Leasing

Phoenix Solar AG has signed a long-term agreement with Munich-based KG Allgemeine Leasing GmbH & Co. (KGAL) in which Phoenix Solar Group will develop photovoltaic (PV) 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 ($380 million).

The target markets for the construction of the power plants are Germany, Spain, Italy, Greece and France and, in the future, additional countries where the economic conditions are suitable.

Just last month, a joint venture established by Phönix Projekt & Service AG and KGAL signed a project development contract for a PV power output of more than 25 megawatts with a project developer based in Greece.

Since 2005, Phoenix Solar has been building power plants with an output totaling 16 MW for KGAL, which includes a 6.5 MW power plant in La Solana, Spain. This year is to see more megawatt-sized projects being completed for KGAL in Germany as well.
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