2014-SMA Solar Technology AG (SMA/FBW: S92) and Phoenix Solar AG today signed a contract for the selling of European operations and maintenance activities (O&M business) from Phoenix Solar to SMA. This transaction sees SMA systematically implementing its growth strategy in the service business.
"Operation and maintenance services for PV power plants are an important driver of our growth strategy in the service business. After successfully establishing this business field in North America with 200 MW, we are now looking to develop the high-volume European market for SMA through the acquisition of the O&M business from Phoenix Solar. We will continue to expand our O&M services in Europe and North America and thus benefit from our outstanding expertise and installed basis," explained SMA Chief Executive Officer Pierre-Pascal Urbon. Since the inverter is a central component in any PV system, many owners and PV system operators regard the leading manufacturer, SMA, as the natural partner of choice for operation and maintenance services. In addition, the O&M business offers sustainable and stable sales and yields for SMA.
"It was not an easy decision for us to part with our Ulm-based O&M business. However, in view of our strategic focus on Asia and the USA, providing support for large solar parks in Europe was no longer readily compatible. Seen from this standpoint, the business did not have a strategic perspective. By contrast, we know that the prospects for our European O&M activities are very good with SMA, and that our former customers will continue to receive the best possible support. We will be able to use the proceeds from the sale to reduce our debt and strengthen our core business", said the Chief Executive Officer of Phoenix Solar Dr. Bernd Köhler.
SMA will acquire from Phoenix Solar a number of customer contracts in Germany, France, Spain and Italy as well as the infrastructure at the Ulm site and its 18-strong workforce. The parties have agreed not to disclose any details of their agreement. The transaction will be complete once a certain minimum number of Phoenix Solar's contract customers have approved the transfer of the existing O&M contracts to SMA.
About Phoenix Solar AG
Phoenix Solar AG, which is based at Sulzemoos, near Munich, Germany, is an internationally operating photovoltaic system integrator. The Group develops, plans, constructs and assumes operational management of large photovoltaic power plants, and is a specialist wholesaler for complete solar electricity systems, solar modules and related equipment. With its subsidiaries on three continents, the company has sold solar modules with an output of well over one gigawatt worldwide since it was founded. The shares of Phoenix Solar AG (ISIN DE000A0BVU93) are listed on the Regulated Market (Prime Standard) of the Frankfurt Stock Exchange. www.phoenixsolar-group.de
Disclaimer:
This press release serves only as information and does not constitute an offer or invitation to subscribe for, acquire, hold or sell any securities of SMA Solar Technology AG (the "Company") or any present or future subsidiary of the Company (together with the Company, the "SMA Group") nor should it form the basis of, or be relied upon in connection with, any contract to purchase or subscribe for any securities in the Company or any member of the SMA Group or commitment whatsoever. Securities may not be offered or sold in the United States of America absent registration or an exemption from registration under the U.S. Securities Act of 1933, as amended.
This press release can contain future-oriented statements. Future-oriented statements are statements which do not describe facts of the past. They also include statements about our assumptions and expectations. These statements are based on plans, estimations and forecasts which the Managing Board of SMA Solar Technology AG (SMA or company) has available at this time. Future-oriented statements are therefore only valid on the day on which they are made. Future-oriented statements by nature contain risks and elements of uncertainty. Various known and unknown risks, uncertainties and other factors can lead to considerable differences between the actual results, the financial position, the development or the performance of the corporation and the estimates given here. These factors include those which SMA has discussed in published reports. These reports are available on the SMA website at www.SMA.de. The company accepts no obligation whatsoever to update these future-oriented statements or to adjust them to future events or developments.
"Operation and maintenance services for PV power plants are an important driver of our growth strategy in the service business. After successfully establishing this business field in North America with 200 MW, we are now looking to develop the high-volume European market for SMA through the acquisition of the O&M business from Phoenix Solar. We will continue to expand our O&M services in Europe and North America and thus benefit from our outstanding expertise and installed basis," explained SMA Chief Executive Officer Pierre-Pascal Urbon. Since the inverter is a central component in any PV system, many owners and PV system operators regard the leading manufacturer, SMA, as the natural partner of choice for operation and maintenance services. In addition, the O&M business offers sustainable and stable sales and yields for SMA.
"It was not an easy decision for us to part with our Ulm-based O&M business. However, in view of our strategic focus on Asia and the USA, providing support for large solar parks in Europe was no longer readily compatible. Seen from this standpoint, the business did not have a strategic perspective. By contrast, we know that the prospects for our European O&M activities are very good with SMA, and that our former customers will continue to receive the best possible support. We will be able to use the proceeds from the sale to reduce our debt and strengthen our core business", said the Chief Executive Officer of Phoenix Solar Dr. Bernd Köhler.
SMA will acquire from Phoenix Solar a number of customer contracts in Germany, France, Spain and Italy as well as the infrastructure at the Ulm site and its 18-strong workforce. The parties have agreed not to disclose any details of their agreement. The transaction will be complete once a certain minimum number of Phoenix Solar's contract customers have approved the transfer of the existing O&M contracts to SMA.
About Phoenix Solar AG
Phoenix Solar AG, which is based at Sulzemoos, near Munich, Germany, is an internationally operating photovoltaic system integrator. The Group develops, plans, constructs and assumes operational management of large photovoltaic power plants, and is a specialist wholesaler for complete solar electricity systems, solar modules and related equipment. With its subsidiaries on three continents, the company has sold solar modules with an output of well over one gigawatt worldwide since it was founded. The shares of Phoenix Solar AG (ISIN DE000A0BVU93) are listed on the Regulated Market (Prime Standard) of the Frankfurt Stock Exchange. www.phoenixsolar-group.de
Disclaimer:
This press release serves only as information and does not constitute an offer or invitation to subscribe for, acquire, hold or sell any securities of SMA Solar Technology AG (the "Company") or any present or future subsidiary of the Company (together with the Company, the "SMA Group") nor should it form the basis of, or be relied upon in connection with, any contract to purchase or subscribe for any securities in the Company or any member of the SMA Group or commitment whatsoever. Securities may not be offered or sold in the United States of America absent registration or an exemption from registration under the U.S. Securities Act of 1933, as amended.
This press release can contain future-oriented statements. Future-oriented statements are statements which do not describe facts of the past. They also include statements about our assumptions and expectations. These statements are based on plans, estimations and forecasts which the Managing Board of SMA Solar Technology AG (SMA or company) has available at this time. Future-oriented statements are therefore only valid on the day on which they are made. Future-oriented statements by nature contain risks and elements of uncertainty. Various known and unknown risks, uncertainties and other factors can lead to considerable differences between the actual results, the financial position, the development or the performance of the corporation and the estimates given here. These factors include those which SMA has discussed in published reports. These reports are available on the SMA website at www.SMA.de. The company accepts no obligation whatsoever to update these future-oriented statements or to adjust them to future events or developments.
