SULZEMOOS (dpa-AFX) - Shares of Phoenix Solar AG (PS4G) increased around 7 percent in the trading in Frankfurt's Xetra after the German photovoltaic system integrator announced Monday the signing of a comprehensive cooperation agreement with Millennium Energy Industries for the Jordanian market.
Phoenix Solar's Oman-based unit Phoenix Solar LLC and Chile - based turnkey solar solutions provider Millennium Energy have signed the deal. Under this alliance, MEI will leverage its local presence and technical expertise to rapidly develop the solar photovoltaic solutions market along with Phoenix.
Phoenix Solar successfully completed various projects in the region, among others a 5.3 MWp solar power plant in Riyadh, Saudi-Arabia, as well as a 1.0 MWp plant in Ma'an, Jordan.
Under the terms of the exclusive agreement which ties in with a previous cooperation of the parties in the years 2007 through 2010, both partners will jointly hand in applications for tenders for photovoltaic projects and cooperate in realizing them.
The strategic alliance is intended to strengthen the respective market positions of both partners in the Hashemite Kingdom.
Phoenix Solar shares are trading at 2.25 euros, up 0.14 euros or 6.64 percent.
Copyright RTT News/dpa-AFX