Oil Report

German solar firm Wirsol to list in Sept -source

FRANKFURT, May 19 (Reuters) - Germany’s Wirsol, which installs solar panels on roof tops and at solar power parks, aims for a listing on the German stock exchange in September to fund future growth, a financial source told Reuters on Monday.

As a first step, Wirsol plans to privately place a capital increase of at least 10 million euros ($15.6 million), most likely in September, the source said.

In 18 to 24 months time, Wirsol would then also aim for a listing in Deutsche Boerse's DB1Gn.DE Prime Standard segment -- a prerequisite to be included in German stock indexes -- for which it planned another capital hike of about 10 million euros, the source said.

Wirsol would only say it was aiming for a listing in Deutsche Boerse’s Entry Standard, which is more lightly regulated than the Prime Standard segment.

“We have reached our financial limits,” said Stefan Riel, management board member in charge of sales and marketing.

Wirsol, whose partners include Norwegian solar industry group Renewable Energy Corp REC.OL, General Electric GE.N, China's Yingli YGE.N and Trina Solar TSL.N, targets sales of at least 85 million euros for 2008 and expects earnings before interest and tax (EBIT) to grow disproportionately to sales.

Last year’s operating earnings rose to 1.2 million euros from 37,000 euros in the previous year on sales of 32.7 million euros, up 42 percent. In the first quarter of 2008, Wirsol said sales rose 60 percent.

Wirsol installs solar panels for private households, corporate clients such as the international discount chain store Lidl, and also sets up large-scale solar parks. It employs about 100 staff. (Reporting by Eva Kuehnen and Kerstin Leitel, editing by Will Waterman)