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Phoenix Solar guides almost a doubling in sales for 2016

The demand for differentiated, quality EPC solutions providers such as ourselves remains robust, our future looks bright. Based on these initiatives, we expect further gains in market share in 2016 and beyond to achieve sustainable, profitable growth" : Tim P. Ryan, Group CEO at Phoenix Solar AG

International solar PV EPC firm Phoenix Solar expects to almost double revenue in 2016, after posting a turnaround year in 2015. The company reported revenue of €119.4 million, up 250% from the prior year.

In reporting full-year results, Phoenix Solar noted an order backlog that already exceeded 2015 revenue and guided sales of €180 million to €210 million ($US200 million to US$235 million) in 2016. 

PV project completions in 2016 are expected to be in the range of 150MWp and 175MWp, up from 98.7MWp of completed projects in 2015. 

The company expects a positive operating result (EBIT) in the range of €2 million to €4million, compared to a negative EBIT of €1.6 million in 2015.

Tim P. Ryan, Group CEO at Phoenix Solar AG, stated: "We achieved significant growth and a strong improvement in our operating business in 2015. We remain focused on building our global project pipeline with a disciplined sales process in our three core trading areas, the US, the Middle East and Asia/Pacific. We are also examining new markets and opportunities along the solar PV value chain for further growth potential. A new initiative on our global supply chain will help to keep system costs competitive and improve margins. We are developing our key people as the foundation of our business.

"Our ultimate goal remains to design and build quality commercial solar PV systems, on-time and on-budget, around the world, to drive owner and investor satisfaction. The demand for differentiated, quality EPC solutions providers such as ourselves remains robust, our future looks bright. Based on these initiatives, we expect further gains in market share in 2016 and beyond to achieve sustainable, profitable growth," he added.

To support its project completions in 2016, Phoenix Solar said it had secured a new financing package of around €101 million, the core of which was a syndicated loan of €85.4 million. 

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