REG - Zenith Energy Ltd - Acquisition of 28 MWp Solar Development Projects

Zenith EnergyAnnouncement

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RNS Number : 4940W  Zenith Energy Ltd  13 March 2026

March 13, 2026

 

ZENITH ENERGY LTD.

("Zenith" or the "Company")

Acquisition of 28 MWp Solar Development Projects

Zenith Energy Ltd. ("Zenith" or the "Company") (LSE: ZEN; OSE: ZENA; XSAT:
ZENA SDR), the international energy production and development company, is
pleased to announce the acquisition of two agrivoltaic development projects
with an expected installed capacity of approximately 23 MWp and 5 MWp,
respectively, located in the Piedmont region of Italy (the "Acquisitions").

The Acquisitions represent a material step towards the Company's objective of
building a solar energy development pipeline exceeding 200 MWp by the end of
2026. Following completion of the Acquisitions, Zenith's solar development
pipeline has increased to approximately 163.5 MWp,
representing approximately 82% of the targeted capacity.

Overview of the Acquisitions

·      The Acquisitions comprise two agrivoltaic development projects
located in the Piedmont region of Italy, with an expected installed capacity
of approximately 23 MWp and 5 MWp, respectively.

·      The Company has also secured sufficient land to accommodate an
integrated 5 MW Battery Energy Storage System ("BESS"), designed to optimise
energy dispatch and support the requirements of the local grid.

·      Agrivoltaic technology integrates agricultural activities with
solar energy production, optimising land use while supporting sustainable
agricultural practices.

·      The Acquisitions are currently in the development stage.

·      The Company expects the Acquisitions to reach Ready-to-Build
("RtB") status by March 2028.

·      The cumulative total consideration for the Acquisitions is EUR
2,016,000, payable upon securing all required permits and achieving RtB status
at the conclusion of the development process.

·      The Company now holds approximately 100 MWp of solar energy
development projects in the Piedmont region, further strengthening its
regional cluster strategy.

·      Italy is one of the leading countries globally in the development
and deployment of agrivoltaic technology.

Overview of Zenith Energy's solar portfolio as of March 13, 2026

 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 August 6, 2025.
 Lazio Agrivoltaic Project 2                          8.0             Development                  First announced August 27, 2025.
 Piedmont Agrivoltaic Development Projects            30.0            Development                  Acquisition comprising various agrivoltaic projects announced August 11, 2025.
 Piedmont PV Development Project                      10.0            Development                  Acquisition announced August 22, 2025.
 Piedmont Agrivoltaic Development Project             19.0            Development                  Acquisition announced October 19, 2025.
 Piedmont Advanced Agrivoltaic Development Project    10.0            Development                  Acquisition announced February 2, 2026.
 Piedmont Agrivoltaic Development Project             23.0            Development                  Acquisition announced on March 13, 2026
 Piedmont Agrivoltaic Development Project             5.0             Development                  Acquisition announced on March 13, 2026
 Puglia Solar Asset ("Andria-1")                      3.0             Tendering / financing (RTB)  Announced November 20, 2025. Construction targeted for July 2026.
 Puglia Development Asset                             6.0             Development (late-stage)     Acquisition announced September 16, 2025.

 ("Andria-2" and "Barletta-1")
 Puglia Solar Development (PV + BESS)                 10.0            Development                  Acquisition signed October 9, 2025.
 Puglia PV Development ("Andria 3" and  "Andria 4")   4.0             Tendering / financing (RTB)  Announced November 20, 2025. Construction targeted for July 2026.
 Puglia PV Development                                10.0            Development                  Acquisition announced November 17, 2025.
 Puglia Ground-Mounted PV Projects (two sites)        5.0             Development                  Acquisition announced February 18, 2026.
 Puglia Photovoltaic Project (PV + BESS)              10.0            Development                  Acquisition announced on March 5, 2025.
 Total portfolio                                      163.5

 

 

Strategy overview

In the solar energy industry, a "pipeline" refers to the portfolio of
development projects being advanced toward construction. Zenith's pipeline
comprises a rapidly growing portfolio of projects progressing through design,
permitting, and grid-connection milestones, moving towards Ready-to-Build
("RtB") status.

Solar development pipelines possess significant intrinsic value, which
generally increases as projects progress and risks are mitigated through the
development process. As previously disclosed in the Company's regulatory news
announcement dated 4 December 2025, an independent valuation of
Zenith's 110.5 MWp solar pipeline placed its value at EUR 27.5
million upon reaching RtB. Following subsequent acquisitions, the Company's
solar pipeline has expanded to approximately 163.5 MWp, and an updated
independent valuation has, accordingly, been commissioned and will reflect the
additional Acquisitions announced today.

Zenith intends to pursue a commercially focused strategy across its Italian
portfolio, advancing projects to RtB status and selectively monetising a
portion of these assets. Proceeds from such sales are expected to support the
continued development of the remaining projects through to production, where
they are intended to generate long-term, recurring electricity revenue for the
Company.

Andrea Cattaneo, Chief Executive Officer, commented:

"This represents the single largest solar energy acquisition we have completed
since commencing our expansion into the solar sector. Following this
acquisition, our solar development pipeline has increased to
approximately 163.5 MWp, bringing us significantly closer to achieving our
stated objective of building a 200 MWp solar pipeline by the end of 2026.

The increasingly volatile geopolitical environment, and its impact on energy
markets across Europe, underline the strategic importance of secure and
reliable electricity generation in established jurisdictions where the rule of
law prevails.

Based on current electricity pricing in Italy, 28 MW of solar capacity at
production stage could generate approximately €3.5 million in annual
revenue, with an estimated net operating income of approximately €3.1
million per year. Operational solar assets of this scale could reasonably
command a valuation of approximately €40 million, implying an
anticipated capital payback period of around eight years.

Looking ahead, if the Company's existing solar development portfolio of
approximately 163.5 MWp is successfully advanced through development and
brought into production, the portfolio could generate approximately €40
million in annual revenue under current energy pricing conditions, with a
potential portfolio valuation, subject to independent review, in excess of
€200 million. This indicative valuation relates to the potential value of
a fully constructed and operational portfolio, and should not be confused
with the existing value of the Company's development-stage solar pipeline,
which was previously independently valued at €27.5 million for 110.5 MWp at
Ready-to-Build stage (prior to the Company's most recent acquisitions) and is
currently being reappraised to reflect the expanded portfolio of 163.5 MWp."

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

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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