REG - Zenith Energy Ltd - Solar Acquisition and Gas Supply Growth

Zenith EnergyAnnouncement

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RNS Number : 4134V  Zenith Energy Ltd  05 March 2026

March 5, 2026

 

ZENITH ENERGY LTD.

("Zenith" or the "Company")

Solar Acquisition and Gas Supply Growth

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 photovoltaic development
project in the Puglia region of Italy (the "Acquisition"). The Acquisition
represents a strategic advancement toward the Company's objective of achieving
a solar energy development portfolio capacity exceeding 200 MWp by the
close of 2026.

Overview of the Acquisition

·    The Acquisition comprises a photovoltaic development project located
in the Puglia region, with an expected installed capacity of
approximately 10 MWp.

·    Photovoltaic parks are generally cheaper to build
than agrivoltaic parks and typically command a premium price in the
secondary market.

·    The Company has secured sufficient land to accommodate an
integrated 4 MW Battery Energy Storage System ("BESS") to optimize energy
dispatch and support the requirements of the local grid.

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

·    The Company expects the project to reach Ready-to-Build
("RtB") status by February 2027.

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

 

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 toward 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 Ready-to-Build ("RtB") status. Following subsequent
acquisitions, the Company's solar pipeline has expanded to
approximately 135.5 MWp, and an updated independent valuation has,
accordingly, been commissioned.

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.

Relaunch of Sant'Andrea Gas Field

Due to ongoing conflicts affecting several key gas-producing countries, the
Company expects a significant increase in natural gas prices and,
consequently, electricity prices. In light of these market conditions, Zenith
has decided to recommence production at the Sant' Andrea gas field in Italy.
Upon reactivation, the field is expected to produce approximately 40,000 cubic
metres of natural gas per month (equivalent to 480,000 cubic metres per
annum), with production to be connected to and sold through the Italian
national grid.

 

Andrea Cattaneo, Chief Executive Officer, commented:

"We are delighted to further strengthen our solar portfolio in one of the most
attractive solar development markets in Europe. Following this acquisition,
our solar development pipeline has increased to approximately 135.5 MWp, and
we intend to continue expanding it rapidly toward our target of at least
200 MWp by the end of 2026.

The ongoing geopolitical tensions also underscore the strategic importance of
secure natural gas supply and reliable electricity generation in Europe.
Against this backdrop, Zenith is actively expanding its solar portfolio while
increasing our existing natural gas production."

Overview of Zenith Energy's solar portfolio as of March 5, 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.
 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 today.
 Total portfolio                                      135.5

 

 

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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