Italian Phoenix Solar subsidiary RED 2002 srl to be renamed Phoenix Solar srl

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Consolidating the Phoenix Solar brand

Sulzemoos/Rome 18 December, 2008 / Renewable Energies Development 2002 srl (RED 2002), the Italian subsidiary of Phoenix Solar AG, is to be renamed Phoenix Solar srl effective 1 January, 2009. In taking this step, the parent company is not only consolidating the Phoenix Solar brand: its subsidiary in Italy will also derive sustained, long-term benefits from the know-how and brand awareness of a solar energy enterprise active on the international stage.

Phoenix Solar AG is one of the world’s leading photovoltaic (PV) system suppliers with a highly efficient European distribution network as well as outstanding in-depth expertise in the construction of solar power plants up to and including the multi-megawatt range. The company is based in Sulzemoos, near Munich, and has subsidiaries in Italy, Spain, Greece, Singapore and Australia. After first acquiring a strategic interest in RED 2002 in 2006, in July 2008 Phoenix Solar increased its stake to 100 percent. The change of name effective 1 January is the logical next step in the company’s world-wide internationalisation and branding strategy. Phoenix Solar aims to operate globally under a single brand.

“We see huge potential in the Italian PV market. Together with our Italian colleagues we aim to grow substantially in Italy and expand our market share accordingly“, explained Dr. Andreas Hänel, CEO of Phoenix Solar AG.

“RED’s knowledge of the Italian market and Phoenix Solar’s competence and experience complement one another perfectly“, added RED 2002 General Manager Domenico Inglieri. “Our highly motivated team is looking forward to shaping Italy’s solar future as a part of the international Phoenix Solar Group“.

About Phoenix Solar AG
Phoenix Solar AG, which has its headquarters in Sulzemoos near Munich, is a leading international photovoltaic systems integrator. Until June 2007, the company, which was set up in 1999, went by the name of Phönix SonnenStrom AG. With total revenues of EUR 260 million, the Group's EBIT came to EUR 22.3 million in the financial year 2007. The Phoenix Solar Group anticipates sales of EUR 380 million, generated in Germany and abroad, for the financial year 2008. Phoenix Solar AG plans, builds and undertakes the operation of large photovoltaic plants and is a specialist wholesaler for complete power plants, solar modules and accessories. The Group is a leader in photovoltaic systems technology. It focuses on the consistent lowering of system costs. With a sales network which covers the whole of Germany, and subsidiaries in Spain, Italy, Greece, Singapore and Australia, the Group currently has a workforce of more than 210 employees. The shares of Phoenix Solar AG (ISIN DE000A0BVU93) are listed on the official market (Prime Standard) of the Frankfurt Stock Exchange. The shares of the company were admitted to the TecDAX technology index of Deutsche Börse AG on 25 March 2008.

Phoenix Solar AG
Hirschbergstraße 8
D-85254 Sulzemoos

Press and Public Relations
Andrea Zepf
Tel. +49 (0)8135 938-313
Fax +49 (0)8135 938-399
a.zepf@phoenixsolar.de
www.phoenixsolar.de