Phoenix Solar wins PV rooftop contract in Singapore, sees slight Q1 decline

The Singaporean subsidiary of Germany’s Phoenix Solar AG will install 1.96 MWp of PV across two new train depots – Tuas and Gali Batu – in Singapore. According to a company spokesman, the two plants should be online by the end of Q3 2015.

While they said most of the generated energy – expected to be over 2.2 million kWh annually – will be used to run the train depots, the excess will be sold to the grid under a presumed PPA. No information was available regarding rates however, either from Phoenix Solar or the LTA.

The successful tender, awarded back on February 13, was priced at around SG$3.8 million (US$2.7 million). A total of seven mainly Singaporean companies submitted bids.

Overall, the project is expected to comprise 7,536 of REC’s PV modules and four central inverters from SMA. Phoenix Solar Pte Ltd will undertake O&M and system monitoring for an initial period of one year.

"Looking ahead, we expect PV to cover more industrial depots, warehouses, schools and government facilities," said Christophe Inglin, Managing Director of Phoenix Solar Pte Ltd. He added, "The installations will not only provide environmental benefits but also commercial returns, as PV today is a commercially viable complement to conventional energy in Singapore."

Q1 results

On Tuesday, Phoenix Solar AG released its Q1 2015 financials. Recording a Y/Y decline, the company saw sales dipping from €6.6 million in Q1 2014 to €4.9 million. EBIT fell from €-2.2 million to €-2.6 million, while EBIT margin came in at -52.5%, compared to -33.9% in Q1 2014. Overall, a consolidated net loss of €-3.4 million was seen, a slight improvement on last year, which recorded €-3.6 million.

Despite the figures, the company is confident going forward. It reports a consolidated freee order backlog of €131.3 million, a "dramatic improvement" on last year, which saw just €2.9 million.