Markets & Policy

Phoenix Solar to see substantial increase in consolidated revenue following proposed German FITs compromise

Following the proposed compromise to cut photovoltaics (PV) feed-in tariff (FIT) incentives by three percent this month, put forward by the German parliamentary mediation committee between the German Bundestag and the Bundesrat for solar promotion yesterday, Phoenix Solar AG has said it expects to see “a substantial increase in consolidated revenue”.
Becky Beetz
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Becky Beetz

According to the company, 20 percent of this will be generated through international business. It added: “Group EBIT (earnings before interest and taxes) is also set to rise substantially to between EUR 36 and EUR 40 million.”
In a statement released by the company, it said: “The compromise found on July 5, 2010 through the intervention of the Mediation Committee between the German Bundesrat and Bundestag on the promotion of PV under the German Renewable Energy Act has made an assessment of the German solar market 2010 possible.
“Accordingly, the executive board of Phoenix Solar AG is releasing its guidance for the financial year 2010. The executive board… estimates that there will be a substantial increase in consolidated revenue to between €660 million and €700 million as against the previous year’s figure.”

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