Phoenix Solar presents strong project pipeline expansion to the Annual Meeting of Shareholders

Sulzemoos/Fuerstenfeldbruck, June 20th, 2017 – The Executive Board of Phoenix Solar AG (ISIN DE000A0BVU93), an international photovoltaic system integrator listed on the official market (Prime Standard) of the Frankfurt Stock Exchange, presented a strong expansion of the project pipeline at the Annual Meeting of Shareholders of the company today. The weighted global project pipeline (“Short-listed” or higher) increased strongly to 444 MWp, up from 349.7 MWp as of end March 2017.This result was achieved despite the fact that a large project of 65 MWp was completed and therefore removed from the list. The latest expansion was primarily driven by the US market, where currently several large projects are in the late stage of negotiation. As a result, projects in the short-listed phase M3 rose from 88.4 to 240.4 MWp in 2Q2017.

“Our pipeline development in recent months demonstrates that measures to strengthen and accelerate sales are clearly starting to bear fruit. This means that Phoenix Solar will continue to play an important role in the international photovoltaic markets in 2017”, stated Tim P. Ryan, CEO of Phoenix Solar AG. “Of course while there is always some uncertainty in a weighted pipeline, we are confident that these recent developments represent a solid basis for achieving our revenue targets for the current fiscal year. We reaffirm our market guidance of March to increase revenues to a range of 160 to 190 mill Euro in 2017 (2016: 139.2 mill Euro). Indeed, in order to realize a strong second half 2017, it is now essential that we finalize contracts under negotiation and receive the green light to begin construction as planned.”