Together with KG Allgemeine Leasing GmbH & Co. (KGAL), the Phoenix Solar Group is expanding into the Greek solar market. To this end, Phoenix and KGAL have signed a project development contract for a photovoltaic output of more than 25 megawatts with a local project developer situated in Athens, Greece.
Owing to a law on feed-in tariffs for renewable energies passed in Greece last year, the country has now become one of Europe’s most attractive solar markets. In this sunny country, the remuneration for one kilowatt hour (kWh) of solar electricity fed into the grid is 40 Eurocents for PV plants of more than 100 kW peak power output on the mainland and as much as 45 Eurocents / kWh for plants of this size on the Greek islands. The tariffs are adjusted every year to take account of inflation.
The local Greek partner has been commissioned by a company founded by Phonix Projekt & Service AG and KGAL to develop seven solar projects in various districts on mainland Greece. Phonix Projekt & Service AG is a wholly owned subsidiary of Phoenix Solar AG.
The land needed for the construction of the solar electricity plants has already been secured by way of contracts. Upon completion of project development Phoenix Solar AG will start the construction work as the general contractor. The project companies of KGAL have assumed the role of investor for the power plants. The aim is to launch the power plants in the form of a public fund as part of the KGAL “InfraClass” fund series and to sell them at a later date.
Over the past three years Phoenix Solar has built power plants with an output totalling 16 megawatts for KGAL. In entering the extremely attractive Greek markets together, it is the intention of both companies to strengthen and expand their fruitful cooperation based on mutual trust.
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