REG - Zenith Energy Ltd - Increase in Solar Development Pipeline to 173.5MWp

Zenith EnergyAnnouncement

20/03/2026 07:00

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RNS Number : 4200X  Zenith Energy Ltd  20 March 2026

March 20, 2026

 

ZENITH ENERGY LTD.

("Zenith" or the "Company")

Increase in Solar Development Pipeline to 173.5 MWp and

Update on Italian Electricity Production

 

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 an additional agrivoltaic development
project, with an installed capacity of approximately 10 MWp, located in Lazio,
Italy ("Rieti-2").

Overview of Rieti-2

•      The Acquisition comprises an agrivoltaic project located in the
Lazio region, with an expected installed capacity of approximately 10 MWp.

•      The Acquisition is classified as being in the development stage.

•      The total consideration for the Rieti 2 acquisition n is EUR
1,020,000, payable upon securing all required permits and achieving
Ready-to-Build ("RtB") status at the conclusion of the development process.

•      The project is expected to produce approximately 14-15 GWh of
electricity per year once in operation.

Solar Development Strategy

Following the acquisition of Rieti-2, Zenith's solar development pipeline is
now in the total amount of 173.5MWp, all secured in less than 12 months. The
Company is currently awaiting an independent valuation of the portfolio,
covering both RtB and the value once the projects are fully operational (the
"Valuation"). The Valuation will be released via regulatory news as soon as it
is received.

 

Italian Electricity Production

The Company continues to generate electricity at the Torrente Cigno concession
with an average monthly production of approximately 1,000 megawatt hours
("MWh") during January and February 2026.

The Italian PUN Index electricity prices averaged EUR 132 per MWh in January
2026, EUR 114 per MWh in February and is tracking at approximately EUR 142 per
MWh for March 2026. On this basis, the average Italian reference electricity
price across January, February and March 2026 is currently approximately EUR
129 MWh.

Based on current pricing levels, the Company expects to generate gross
revenues of approximately EUR 140,000 for March 2026, bringing total gross
revenues from the Torrente Cigno concession to approximately EUR 370,000 for
the first quarter of 2026.

 

 

Andrea Cattaneo, Chief Executive Officer, commented:

"Recent tensions in the Middle East have driven Italian electricity prices
above EUR 140/MWh, highlighting the critical importance of increasing Europe's
domestic energy production. In less than a year, Zenith has built a solar
development pipeline of nearly 175 MWp, and we expect to surpass our 2026
target of 200 MWp before the end of the first half of the year. Upon reaching
this milestone, we intend to set a new, more ambitious target as we continue
expanding our solar portfolio.

It is encouraging to see the market beginning to recognise the value of our
solar business, with this increasingly reflected in our market capitalisation.
We remain focused on further portfolio growth and on unlocking additional
value in the near term.

As announced on February 28, 2026, the Company has commenced
construction-phase activities for the first assets within its Italian solar
development pipeline. Three solar projects located in the Puglia region of
Italy, with a combined capacity of 7 MWp, have been selected for construction.
Based on typical solar irradiation levels in Southern Italy and prevailing
electricity prices, these projects are expected to generate annual revenues of
approximately EUR 1 million, with an estimated payback period of around 5-6
years, subject to market conditions and operational performance.

Our priority remains to efficiently advance projects to Ready-to-Build status
and to continue developing a high-quality Italian solar portfolio capable of
supporting both selective asset monetisation and future recurring electricity
production revenues for the Company."

 

Overview of Zenith Energy's solar portfolio as of March 20, 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  announced August 6, 2025.
 Lazio Agrivoltaic Project 2                              8.0               Development                    First announced August 27, 2025.
 Lazio Agrivoltaic Development Project                    9.7               Development                   Acquisition announced on March 20, 2026. Planned under PAS procedure.
 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 ("Andria-2" and "Barletta-1")   6.0               Development (late-stage)       Acquisition announced September 16, 2025.
 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                                          173.2

 

 

 

 

 

 

 

 

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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