REG - Zenith Energy Ltd - 110.5 MWp in Solar Development Projects

Zenith EnergyAnnouncement

17/11/2025 11:30

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RNS Number : 8228H  Zenith Energy Ltd  17 November 2025

November 17, 2025

 

ZENITH ENERGY LTD.

("Zenith" or the "Company")

110.5 MWp in Solar Development Projects

Zenith Energy Ltd. ("Zenith" or the "Company") (LSE: ZEN; OSE: ZENA; XSAT:
ZENA SDR), the listed international energy production and development company,
is pleased to announce the signing of a new agreement to acquire a solar
energy development project located in the Puglia region of Italy (the "Puglia
Acquisition") by its wholly-owned Italian subsidiary created to manage its
solar energy portfolio, WESOLAR S.R.L. ("WESOLAR").

Overview of the Acquisitions

·    The Puglia Acquisition is located in Italy's Puglia region and
comprises approximately 12 MWp of ground-mounted PV capacity across
roughly 15 hectares of flat, well-levelled land, resulting in minimal
earth-moving requirements.

·    In addition, the Company has secured sufficient land to accommodate
an integrated 3 MW Battery Energy Storage System ("BESS") to optimise energy
dispatch and support the local grid.

·    A BESS is designed to store electricity generated during low-price
periods and discharge it during higher-priced fasce orarie (time-of-use
tariff periods), thereby maximising revenue. In Italy, electricity prices
fluctuate throughout the day-with peak hours (fasce orarie di punta)
commanding materially higher prices-allowing strategic storage and release to
enhance project returns.

·    The Puglia Acquisition is currently classified as being in the
'Development' stage.

·    Puglia is among Italy's most favourable regions for solar power
generation, benefiting from high solar irradiation levels that support
superior economic performance for photovoltaic projects.

·    The Puglia Acquisition strengthens the Company's presence in the
region and complements its existing development pipeline in Piedmont and
Lazio. Together, these three clusters form a strategically significant solar
development portfolio across some of Italy's most attractive and highly
sought-after renewable-energy generation areas.

·    Italy continues to rank among the global leaders in photovoltaic
technology, deployment, and installed capacity.

·    The Company expects the project to reach Ready-to-Build status
within 12-16 months.

·    The total consideration for the Puglia Acquisition is EUR 1,050,000,
including the associated land. Payment will be made upon securing all required
permits and achieving Ready-to-Build status at the conclusion of the
development process.

 

Strategy Overview

In the solar energy industry, a "pipeline" refers to the aggregate portfolio
of development projects being actively advanced toward construction. Zenith's
pipeline is composed of projects progressing daily through design, permitting,
and grid-connection milestones, moving step by step toward Ready-to-Build
("RtB") status. This expanding portfolio already carries tangible market
value, which increases as projects mature and de-risk through successive
development stages. Owing to Zenith's optimised site selection and
high-quality development standards, portions of the portfolio could already be
monetised with professional counterparties, reflecting its strong commercial
quality and competitiveness.

Zenith plans to sell only a portion of its development portfolio. This
strategic divestment will generate immediate profit and strengthen both
profitability and liquidity, while allowing the Company to continue expanding
its project base and initiate construction of selected solar assets.

To ensure full transparency and effective communication with shareholders,
Zenith is commissioning an independent valuation of its development portfolio,
illustrating the progress achieved since the Company's strategic shift in
early 2025 toward solar energy development and production.

With the original 100 MWp development target now substantially met, Zenith
will define a new capacity objective and broaden its strategy to support
continued growth in electricity production.

The Company has also initiated development activities in BESS segment, a
highly attractive and complementary market that enhances grid stability and
long-term value creation.

As previously announced, funding for these next phases will be secured
through financing from specialised renewable-energy lenders and through the
sale of selected portions of the existing development portfolio to interested
professional counterparties.

Transition to Production: Creating Tangible and Recurring Revenue

As part of its long-term growth strategy, Zenith intends not only to develop
and sell projects, but also to select certain RtB assets and construct them,
enabling the Company to generate direct, tangible revenue from electricity
production.

While development-stage asset sales generate strong near-term profitability,
owning and operating selected plants provides stable, predictable, and
recurring cash flows supported by Italy's favourable solar-generation
economics. Production assets benefit from long operating lives, low operating
costs, and exposure to steady market demand for clean electricity. This
dual-track model strengthens Zenith's financial profile by
combining short-term value creation from development sales with long-term
revenue generation from energy production.

By constructing and operating a portion of its RtB pipeline, Zenith enhances
its revenue base, builds tangible asset value on the balance sheet, and
demonstrates its capability as a fully integrated renewable-energy operator.

Overview of Zenith Energy's Solar Portfolio (as of November 17, 2025)

 Project / Stage                            Capacity (MWp)  Status              Notes
 Liguria Solar Asset                        0.5             Production Upgrade  Currently producing 0.2 MWp, upgrade to 0.5 MWp planned.
 Lazio Agrivoltaic Project 1                10.0            Development         First Lazio acquisition (10 MWp) announced Aug 6, 2025.
 Lazio Agrivoltaic Project 2                7.0             Development         First announced on August 27, 2025, installed capacity has been increased to

7 MWp from 5 MWp.
 Piedmont Agrivoltaic Development Projects  30.0            Development         Acquisition comprising of various agrivoltaics projects announced on

August 11, 2025.
 Piedmont PV Development Project            10.0            Development         Originally an Agrivoltaic project, subsequently reclassified to conventional
                                                                                solar energy as announced

on August 22, 2025.
 Piedmont Agrivoltaic Development Project   18.0            Development         Acquisition signed and announced on October 19, 2025.
 Puglia Solar Asset                         3.0             Ready-to-Build      All permits obtained, grid connection ready, announced on July 30, 2025.
 Puglia Development Asset                   6.0             Development         Acquisition signed and announced on September 16, 2025.
 Puglia Solar Development (PV + BESS)       10.0            Development         Acquisition signed on October 9, 2025, of development project of approx. 10
                                                                                MWp and a BESS project with a capacity

of up to approx. 10 MW.
 Puglia PV Development                      4.0             Development         Acquisition signed and announced on October 19, 2025. Includes a BESS project
                                                                                with a capacity of up to approx. 2 MW.
 Puglia PV Development                      12.0            Development         Acquisition signed and announced on November 17, 2025. Includes a BESS project
                                                                                with a capacity of up to approx. 3 MW.
 Total Portfolio                            110.5

 

 

 

Andrea Cattaneo, Chief Executive Officer of Zenith Energy, commented:

"We are pleased to expand our presence in Puglia, further strengthening
Zenith's strategic cluster in one of Italy's most attractive solar regions.
With this latest addition, our development portfolio now surpasses the 100 MWp
milestone, reflecting consistent progress and strong execution.

The Puglia acquisition also reinforces our commitment to Battery Energy
Storage Systems, a core element of our strategy to enhance flexibility,
resilience, and long-term project value.

With a solid development base in place, our next priority is to bring selected
Ready-to-Build assets into construction, supported by specialised lenders.
This will provide tangible production revenue and further demonstrate the
quality and bankability of Zenith's portfolio.

As outlined, we will divest a portion of our pipeline to realise immediate
value while continuing to expand and advance our project base. This balanced
model positions Zenith for sustained profitability and long-term growth across
both solar and storage."

Further Information:

 Zenith Energy Ltd

 Andrea Cattaneo, Chief Executive Officer

                                            Tel: +1 (587) 315 1279

                                            E: info@zenithenergy.ca

 

Notes to Editors:

Zenith Energy Ltd. is a revenue generating, independent energy company with
energy production, exploration and development assets in North Africa, the US
and Europe. The Company is listed on the London Stock Exchange Main Market
(LSE: ZEN), the Euronext Growth of the Oslo Stock Exchange (OSE: ZENA) and on
the Spotlight Stock Market in Sweden (XSAT: ZENA SDR).

Zenith's strategic focus is on pursuing development opportunities through the
development of proven revenue generating energy production assets, as well as
low-risk exploration activities in assets with existing production.

For more information, please visit: www.zenithenergy.ca

Twitter: @zenithenergyltd

LinkedIn: https://bit.ly/3A5PRJb (https://bit.ly/3A5PRJb)

 

Market Abuse Regulation (MAR) Disclosure

The information contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the Market Abuse Regulations
(EU) No. 596/2014 as it forms part of UK domestic law by virtue of
the European Union (Withdrawal) Act 2018 ("MAR"). Upon the publication of
this announcement via a Regulatory Information Service ("RIS"), this inside
information is now considered to be in the public domain.

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