Ad-hoc release: Phoenix Solar AG to receive EUR 20.8 million from capital increase

Sulzemoos - Under partial utilisation of the Approved Capital 2006 and to the exclusion of shareholder subscription rights, Phoenix Solar AG (ISIN DE000A0BVU93) has placed 607,500 new no-par bearer shares with qualified investors. The share capital has thus risen from EUR 6,077,000 to EUR 6,684,500. The new shares are to be admitted, without a prospectus, to trading on the official market (Prime Standard) of the Frankfurt Stock Exchange and are entitled to a share in profits as from 1 January 2007. The company will receive gross issuing proceeds from the capital increase of EUR 20,806,875. The funds will be used to finance planned company growth and to further the internationalisation of the Group’s business.


About Phoenix Solar AG

Phoenix Solar AG, which has its headquarters in Sulzemoos near Munich, is a leading international photovoltaic systems integrator. Until June 2007, the company, which was set up in 1999, went by the name of Phönix SonnenStrom AG. The preliminary figures for the financial year 2007 come to EUR 260 million in total revenues, with an EBIT of EUR 22.3 million. The Phoenix Solar Group anticipates sales considerably in excess of EUR 300 million, generated in Germany and abroad, for the financial year 2008. Phoenix Solar AG plans, builds and operates large photovoltaic plants and is a specialist wholesaler for complete power plants, solar modules and accessories. The Group is a leader in photovoltaic systems technology. It focuses on the consistent lowering of system costs. With a sales network which covers the whole of Germany, and subsidiaries in Spain and Singapore, as well as a participation in Italy, the Group currently has a workforce of more than 160 employees. The shares of Phoenix Solar AG (ISIN DE000A0BVU93) are listed on the official market (Prime Standard) of the Frankfurt Stock Exchange. On 25 March 2008, the shares of the company were admitted to the TecDAX technology index of Deutsche Börse AG.


Disclaimer

The content of this press release is solely for information purposes and is not intended to constitute a recommendation for investment or a solicitation to subscribe or an offer to buy or sell securities of the company. Phoenix Solar AG shall undertake no liability whatsoever for any loss in connection with this press release or the information made available. This also applies particularly to any eventual loss in connection with the shares of Phoenix Solar AG.

This document contains forward-looking statements on future developments which are based on management’s current assessment. Words such as “anticipate”, “assume”, “believe”, “estimate”, “expect”, “intend”, “can/could”, “plan”, “project”, “forecast”, “should”, and similar terms are indicative of such forward-looking statements. Such statements are subject to certain risks and uncertainties which are mainly outside the sphere of influence of Phoenix Solar AG, but which have an impact on the business activities, the success, the business strategy and the results. These risks and factors of uncertainty include, for instance, climatic change, changes in the state subsidisation of photovoltaics, the introduction of competitor products or technologies of other companies, the development of the planned internationalisation of business activities, fierce competition as well as rapid technological change in the photovoltaic market. If one of these or other factors of uncertainty or risks should occur, or if the assumptions underlying the statements should prove incorrect, the actual results may diverge substantially from the results in these statements or implicit indications. Phoenix Solar AG does not have the intention nor will it undertake any obligation to realise forward-looking statements on an ongoing basis or at a later point in time as this is entirely dependent on circumstances prevailing on the day of their release.

In some countries, especially in the United States of America, the dissemination of this press release and the information contained therein may be restricted or prohibited under the law. This press release is therefore expressly not intended for persons resident in the United States of America or any other legal system under which such an offer or solicitation is not permissible, or for persons for whom such an offer or invitation would constitute a breach of the law.


Sulzemoos, 2 April 2008


Publication and Reprint free of charge; please send a specimen copy
to Phoenix Solar AG.



Attention editorial offices: For further questions please contact Mrs.
Anka Leiner, Investor Relations Phoenix Solar AG.

Hirschbergstr. 8
D-85254 Sulzemoos
Tel: 08135-938-315
Fax: 08135-938-399
E-mail: a.leiner@phoenixsolar.de>a.leiner@phoenixsolar.de
Internet: http://www.phoenixsolar.de

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