Phoenix Solar bounces back in 2015

Share

Yesterday Phoenix Solar released results for the fourth quarter and full year 2015, reporting that it more than tripled revenues to €119 million (US$135 million), while also more than tripling installations to 99 MW.

This follows on a very bad year in 2014, when revenues plummeted more than 3/4 to only €33.8 million and the company saw its third consecutive year of negative margins. All utility-scale solar developers and contractors see uneven results from quarter to quarter, but such an intense year-over-year change is more unusual and indicates bigger challenges than mere timing of project completion.

Like many German developers and EPCs, in previous years Phoenix Solar was dependent upon the German PV market. The company underwent painful restructuring along with internationalization when feed-in tariff cuts brought the German market to its knees beginning in 2013, but was having difficulties even during the height of the German market.

Phoenix still brought in a negative result over the course of 2015, but narrowed its operating margin to -1.3%. And while the company still lost €4.4 million during the year, its fourth quarter saw a positive net result. The company achieved a small positive cash flow during the year.

More promising is Phoenix Solar’s backlog, which stood at a record level of €196 million, and the company plans to build 150 to 175 MW of PV during 2016, as well as expecting to return to profitability on an operating result basis.

Underlying Phoenix Solar’s growth is a €101 million financing package, which the company says will fund its “strong organic growth” in 2016 as well as “further geographical expansion”. The company has identified the United States, Middle East and Asia-Pacific as its key geographic regions.

This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact: editors@pv-magazine.com.

Popular content

Share

Related content

Elsewhere on pv magazine...

Leave a Reply

Please be mindful of our community standards.

Your email address will not be published. Required fields are marked *

By submitting this form you agree to pv magazine using your data for the purposes of publishing your comment.

Your personal data will only be disclosed or otherwise transmitted to third parties for the purposes of spam filtering or if this is necessary for technical maintenance of the website. Any other transfer to third parties will not take place unless this is justified on the basis of applicable data protection regulations or if pv magazine is legally obliged to do so.

You may revoke this consent at any time with effect for the future, in which case your personal data will be deleted immediately. Otherwise, your data will be deleted if pv magazine has processed your request or the purpose of data storage is fulfilled.

Further information on data privacy can be found in our Data Protection Policy.