Phönix SonnenStrom AG awarded major contract by ALCAS GmbH fund

Sulzemoos, 3 May 2005 / Phönix SonnenStrom AG has closed contracts with an investment fund of ALCAS GmbH, a subsidiary wholly owned by KG Allgemeine Leasing GmbH & Co. (KGAL), for the construction of a solar park in Bavarian Miegersbach with a peak power output of around 5.3 megawatt. The building and start of operation of the solar part will be carried out in two phases of construction. The project, which has an order volume worth more than EUR 21 million, is Phönix SonnenStrom AG's largest to date.

Instead of using a traditional spade, Dr. Andreas Hänel, Chairman of the Board of Directors of Phönix SonnenStrom AG, and Dr. Klaus Wolf, member of the KGAL’s Board of Directors and project leader of the ALCAS fund, drove the first post of the new solar electricity plant into the earth on 3 May 2005 by pressing a button. Among the guests at this ground-breaking ceremony in Bavarian Miegersbach in the rural district of Dachau were August Gradl, the second Mayor of the Municipality of Odelzhausen, the owners of the site, representatives of KGAL, representatives of Bayerische Landesbank which is also financing the project, and Dr. Roderich Zauscher as the Chairman of Dachau's Association for the Protection of Nature who accompanied and supported the project during the planning phase.

In the first phase of construction, Phönix SonnenStrom AG will install 11,616 solar modules manufactured by the French company Photowatt International S.A. on a surface area of over 56,000 square metres. The first two megawatts are to be fed into the grid of E.ON Bayern in July.

Work in the second construction phase, for which building permission is expected to be granted in the next few weeks, is to start in late summer The plant is due to become operational in December 2005. The solar modules needed to continue the construction of the plant will be delivered as from the start of September.

In his speech, Andreas Hänel, who had already initiated the project development of the solar electricity plant in Miegersbach in the spring of 2004, expressed his thanks to the approval-granting authorities for an extremely good cooperation. Both the Municipality of Odelzhausen and the District Administrator’s Office of Dachau welcomed the project from the start.

Andreas Hänel is particularly pleased to have won a partner in KG Allgemeine Leasing which is one of Europe's largest financial services companies. The financing of the plant has been set up as a fund model by ALCAS GmbH, a wholly owned subsidiary of KGAL. The sale of the fund’s shares has already begun. Klaus Wolf also had positive words to say about the cooperation: “We are pleased to have such a competent and experienced partner in the realisation of what is our first fund in the photovoltaic sector. Furthermore, we believe that the concept has potential for more cooperations of this type”, he said.

This is an English translation of the German original. Only the German version is binding.

About Phönix SonnenStrom AG
Phönix SonnenStrom AG, based in Sulzemoos near Munich, is a leading systems supplier in the German and European photovoltaic sector. The company designs and builds large-scale photovoltaic plants and is active as a wholesaler of turn-key solar electricity plants, solar modules and components. The company has built up a comprehensive dealer network in Germany and has operations in five other countries in Europe. The company currently has a workforce of around 70 employees. The shares of Phönix SonnenStrom AG (ISIN DE000A0BVU93) have been traded over the counter on the stock exchanges of Munich, Frankfurt am Main, Berlin / Bremen and Stuttgart since 18 November 2004.

About KG Allgemeine Leasing GmbH & Co. (KGAL)
KGAL is a dedicated holding company of Dresdner Bank, BayernLB, Hamburger Sparkasse and a financial investor.
KGAL Group’s business activities encompass almost the entire spectrum of instruments and services for structuring big ticket and mid-ticket asset-based financing and investment products – from project financing through to developing optimal financial solutions through arranging the necessary equity and debt financing, to asset and fund management.
With a new business volume of over EUR 5.8 billion in the year 2004 and a volume of managed assets of around EUR 37.5 billion, the KGAL Group is one of the biggest and most successful European groups in the industry.

For further information please contact
Phönix SonnenStrom AG
Hirschbergstraße 8
D-85254 Sulzemoos

Presse- und Öffentlichkeitsarbeit
Andrea Zepf
Tel. +49 (0)8135 938 - 313
Fax +49 (0)8135 938 - 399
[email protected]
www.SonnenStromAG.de

KG Allgemeine Leasing GmbH & Co.
Tölzer Straße 15
D-82031 Grünwald

Öffentlichkeitsarbeit
Kirsten Steiner
Tel. + 49 (0)89 641 643 57
Fax + 49 (0)89 641 431 50
[email protected]
www.kgal.de