Phoenix Solar Extends Framework Deal with KGAL

Phoenix Solar has for the second time extended its framework agreement with KG Allgemeine Leasing GmbH & Co. (KGAL) that was signed in September 2007. The agreement calls for the development of solar photovoltaic power plants, through 2012.

Phoenix Solar will raised its investment in the potential projects by at least €150 million [US $220.7 million], bringing the minimum amount to be invested by the two companies €525 million [$772.4 million] from 2009-2012. The company plans to develop and build PV plants in its capacity as general contractor, as well as undertaking the operation, maintenance and repair of these plants on a long-term basis on behalf of the fund specialist located in Gruenwald near Munich.

The target markets for the construction of the power plants are Germany, southern and eastern Europe and, in the future, further countries with suitable economic conditions for photovoltaic systems.

“We have strengthened our long-standing and successful cooperation in the power plant business with KGAL by renewing and raising the volume of our agreement”, was the delighted comment of Dr. Andreas Hänel, CEO of Phoenix Solar. ”In our target markets we see great potential for Phoenix Solar and photovoltaics.”

 

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