Subsidiary of Phoenix Solar acquires project company with project rights in Italy

Phoenix Solar Energy Investments, a wholly owned subsidiary of Phoenix Solar, has acquired all the shares in Scarlatti, a company headquartered in Eppan an der Weinstraße, Italy, with immediate effect. Scarlatti holds the shares in four project companies under the condition precedent of achieving a status where construction can begin without delay. These companies will develop a total of five projects for the construction of photovoltaic systems in Sicily with an overall peak power output of around 27 MW. Given successful project development the construction of these plants has been scheduled for 2009 and 2010. This is the Phoenix Solar Group's largest combined project package in the Italian market to date.