German solar power plant builder, Phoenix Solar, has completed a 14.4MW photovoltaic plant for Hamburg-based specialist renewable energy investor, Luxcara Asset Management. Located in Brandenburg, the plant, which was connected to the grid by German utility company envia at the end of June, will be expanded to 18MW during a second construction phase planned for the second half of 2010.
The news follows on from a deal announced in May that will see Phoenix build three photovoltaic plants, totaling 21MW, for Bavarian firm KGAL. These plants will be located at Moos, near Würzburg in Germany, and in the Italian regions of Molise and Latium. The contract volume of these three solar parks amounts to approximately €55 million.
In June, Phoenix paid dividends of €0.20 per share to investors related to its 2009 financial year. Although this was lower than last year’s €0.30 per share dividend, the stockmarket responded favourably and Phoenix’s share price increased by 10.3% during June to end the month at €30.44.
Despite its shares being down on the start of the year by some 28%, Phoenix appears to have had a good first half. The firm, which last year generated earnings before interest and tax of €12.2 million on revenues of €473 million, enjoyed a record first quarter.
EBIT for Q1 2010 came in at €4.6 million (Q1 2009: €7.4 million loss) on revenues that had more than doubled to €80.4 million (Q1 2009: €36.7 million). Orders at the end of March increased by 27% over those at the end of 2009 to €375 million.
Meanwhile, Phoenix’s board said that they anticipate strong growth in revenues in 2010, including a peak in revenues for the second quarter, along with a considerable improvement in the firm’s earnings situation.
Market: Frankfurt
Symbol: PS4
Price: €30.44
12 month high/low: €45.20/€26.08
Market cap: €202m
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