Phoenix Solar Establishes US Subsidiary

German solar developer Phoenix Solar AG (PS4.DE) has established a U.S. subsidiary and Americas headquarters in Northern California.

Phoenix Solar Systems Inc., is expected to be operational in San Ramon, near San Francisco, beginning September 1, 2010.

Phoenix Solar AG is based in Sulzemoos near Munich, Germany. The company develops, plans, builds and takes over the operation of
large-scale photovoltaic plants and is a specialist wholesaler for
complete power plants, solar modules and accessories. The Group currently has
a workforce of more than 300 employees and subsidiaries in Spain, Italy, Greece, France, Singapore, Oman and Australia.

Phoenix Solar AG reported total revenues of EUR 473 million in 2009, and EBIT of EUR 12.2 million.

The subsidiary aims to develop large-scale photovoltaic power plants for commercial and larger-scale project developers, independent power producers and utility customers. They intend to target east coast and southwest states, according to a press release.

Paul J. Caudill has been appointed CEO & President of Phoenix Solar Systems Inc. Caudill comes to Phoenix Solar from SunPower Corporation (Nasdaq: SPWRA), where he served as the company’s head of Global Systems Operations.

"We are delighted to be entering the promising US market backed by the experience of Paul Caudill and Peter Beucke", commented Dr. Andreas Hänel, CEO of Phoenix Solar AG. "Since it’s founding in 1999, Phoenix Solar AG has gained more than 600 megawatts worth of experience in international project and trading. Following its start-up phase, which is likely to last until 2011, our US subsidiary is expected to make a major contribution to the revenues of the Phoenix Solar Group."

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