REG - Zenith Energy Ltd - Acquisition of Solar Energy assets

Zenith EnergyAnnouncement

09/04/2025 11:45

For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20250409:nRSI3357Ea&default-theme=true

RNS Number : 3357E  Zenith Energy Ltd  09 April 2025

April 9, 2025

 

ZENITH ENERGY LTD.

 

("Zenith" or the "Company")

 

Acquisition of Solar Energy assets

 

Zenith Energy Ltd. ("Zenith" or the "Company") (LSE: ZEN; OSE: ZENA; OTC PINK:
ZENAF), the listed international energy production and development company, is
pleased to announce that is has acquired two solar energy production assets in
Italy, in the regions of Liguria and Sicily, and established an Italian
subsidiary for the purposes of managing its new solar energy portfolio named
WESOLAR S.R.L. ("WESOLAR").

 

Ready-to-build Solar Energy Project in Sicily, Province of Ragusa, Italy -
3.29 MW

 

WESOLAR has signed an agreement (the "Sicilian Acquisition") with an Italian
company ENERCOS S.R.L. to acquire a 3.29 MW ready-to-build photovoltaic farm
located in the Province of Ragusa, Sicily (the "Vittoria Project").

 

Construction of the Vittoria Project is expected to commence prior to the
close of 2025 following receipt of the necessary permitting approvals from the
local authorities.

 

The Sicilian Acquisition is conditional upon achievement of the necessary
permits required for the Vittoria Project to be built and to become
operational.

 

The consideration for the Sicilian Acquisition is Euro 700,000.

 

The Sicilian Acquisition also includes the purchase of 5.5 hectares of land
hosting the Vittoria Project.

 

Building and technical costs (the solar panels and equipment) for the Vittoria
Project are estimated as approximately Euro 1.7 million.

 

The Vittoria Project is strategically positioned in a highly advantageous
geographic location, forecasted to generate approximately Euro 800,000 in
annual revenue. The specific location of the Vittoria Project boasts an
impressive average solar irradiation value of 2,775.33 kWh/m², ranking among
the highest across Europe. In contrast, the Ligurian Acquisition is located in
a region with an average solar irradiation value of approximately 1,753
kWh/m².

 

Production costs for the Vittoria Project will be limited and confined to
general maintenance.

 

Solar Energy Project in Liguria, Italy - 0.5 MW

 

WESOLAR has signed a binding agreement to acquire a solar energy production
site located on the coastline of Liguria, with a current production capacity
of 0.2 MW (the "Ligurian Acquisition"). The production capacity of the
Ligurian Acquisition will be increased to 0.5 MW through the installation of
additional photovoltaic panels.

 

The Ligurian Acquisition has a consideration of EURO 110,000.

 

Gross annual revenue is currently in the amount of approximately EURO 30,000,
with an expected payback time of approximately 4 years utilising exiting
infrastructure.

 

Planned infrastructural upgrades are expected to double annual gross revenue
to approximately Euro 60,000.

 

Production costs are limited and confined to general maintenance.

 

Advisers

 

Identification of the Vittoria Project has been facilitated by Mr. Stefano
Endrizzi of MergersCorp M&A International, an American investment banking
firm specialised in corporate finance and international mergers and
acquisitions.

 

Avv. Filippo Pastorini of WEGAL, a law firm based in Milan, has acted as legal
advisor for the Company.

 

 

 

Andrea Cattaneo, Chief Executive Officer, commented:

 

"We are delighted to have completed our first two acquisitions within the
Italian photovoltaic industry, enabling Zenith to also become a renewable
energy producer. This represents an important milestone in the Company's
history.

 

Our objective is to achieve a production capacity of approximately 20 MW by
the close of 2025, complementing our existing electricity production
activities.

 

The Company's increasing financial strength combined with its experience in
the Italian energy space will facilitate a progressive expansion of WESOLAR's
activities.

 

The goal is to create a profitable, revenue generating portfolio that will pay
dividends to shareholders.

 

I look forward to reporting on further progress in due course."

 

Further Information:

 

 

 Zenith Energy Ltd

 Andrea Cattaneo, Chief Executive Officer

                                             Tel: +1 (587) 315 1279

                                             E:        info@zenithenergy.ca (mailto: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 the
Pink Markets of the OTC (OTC PINK: ZENAF).

 

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
(http://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.

 

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  ACQPKCBNKBKDNQK