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There would seem to be signs that project finance for large-scale photovoltaic energy plants is reappearing, according to tentative comments from Phoenix Solar AG. The systems integrator noted in its first quarter financial statement that the backlog in the financing of large photovoltaic power plants appeared to be ‘easing slowly.’
Phoenix Solar also said that a number of customers had now secured funding for PV power plants with projects now under construction in the second quarter. Orders in hand had risen substantially since the start of the year, according to the company. Phoenix Solar said that orders had risen by 121% or €112 million to €248 million on 31 March 2009, a 7% increase over the previous year's quarter.
The system integrator said that its PV power plant business had been greatly impacted by the global financial crisis to date. Revenue in Q109 for this sector had declined 50.3% to just €8.2 million, compared to €16.5 million in the Q108.
However, Phoenix Solar reported that revenues for its Components & Systems segment climbed 13.5% to €28.5 million in the quarter, up from €25.1 million in the same period in 2008. Overall, revenue for the quarter was down 11.8% to €36.7 million.
Importantly, the systems integrator reiterated its revenue guidance for 2009, which was set in January, 2009. Phoenix Solar expects consolidated revenues at around €520 million for the year.
