The Supervisory Board approved the proposal of the Board of Directors for the founding of a wholly owned subsidiary located in the State of California at the end of November. Phoenix Solar is due to take up operations in the first half of 2010.

Phoenix Solar says “significant growth potential” has been forecast for the US solar PV market. The State of California is especially attractive for market entry owing to the favourable market incentives prevailing for solar PV systems, the size of the market and the huge potential for the large-scale project business.