Developer and EPC firm Phoenix Solar has announced a refinancing after a cut in its revenue forecast.
The company cut its revenue forecast for the current financial year to €45-55 million (US$56.3-68.8 million) down from €70-100 million (US$87.6-125.1 million).
The company’s founder and CEO Dr. Bernd Koehler will leave the company when his contract expires at the end of the year.
The revised figures guidance includes the sale of its European O&M business to SMA.
The new financial arrangements amount to €116 million (US$145.2 million) and will last until September 2016. The package includes a syndicated loan of €93 million (US$116 million).
In August, the company cited project delays in the US as a major factor in its declining revenues.