. Group of Greek investors invests in a photovoltaic plant

. Construction work in Central Greece under way

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Sulzemoos,

Phoenix Solar E.P.E., the Greek subsidiary of Phoenix Solar AG (ISIN DE000A0BVU93), an international photovoltaic system integrator listed on the German TecDAX, has signed its largest contract to date for the construction of a grid-connected photovoltaic plant. Phoenix Solar is to build a solar power plant with a peak power of two megawatts in the vicinity of Nafpaktos in central Greece for Douneika Energy EE, a group of Greek investors. The project was developed by the investors with the assistance of Athens-based Phoenix Solar E.P.E., and is financed by a Greek bank. Construction work is already under way.

Douneika Solar Park is being built using crystalline modules on around six hectares of hilly terrain. With a solar irradiation of 1,580 kWh/m², the investors are anticipating an annual energy yield of 2.9 million kilowatt hours.

“The solar market in Greece will come to around 110 megawatts in 2010, with the majority of the capacity in medium size systems”, stated Dr Christos Protogeropoulos, General Manager of Phoenix Solar E.P.E. “In 2011, we estimate that the Greek solar market will grow to a volume of some 200 megawatts. Our intention is to contribute to boosting this growth in the years ahead. To this end, we will be drawing on our project pipeline with solar projects in the double-digit megawatt range. The legal framework conditions here in Greece are stable and, in the meantime, German as well as Greek banks have financed photovoltaic projects in Greece.”

This is an English translation of the German original. Only the German version is binding.

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About Phoenix Solar AG

Phoenix Solar AG, which has its headquarters in Sulzemoos near Munich, is a leading international photovoltaic system integrator. With total revenues of EUR 473 million, the Group achieved an EBIT of EUR 12.2 million in the financial year 2009. 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 is a leader in photovoltaic system technology. It focuses on the consistent lowering of system costs. With a sales network throughout Germany, and subsidiaries in Spain, Italy, Greece, France, Singapore, Malaysia, Oman, Australia and the United States of America, the Group currently has a workforce of more than 350 employees. The shares of Phoenix Solar AG (ISIN DE000A0BVU93) are listed on the official market (Prime Standard) of the Frankfurt Stock Exchange and on the German TecDAX, Deutsche Börse AG’s technology index.