Acquisition of solar development project in Puglia
Zenith Energy Ltd. has acquired a 5 MWp photovoltaic development project in Puglia, Italy, for a total consideration of EUR 575,000, with payment contingent on securing permits and achieving Ready-to-Build status. This acquisition, which covers approximately 5 hectares of land purchased at approximately €115,000 per hectare, increases the company's solar development pipeline to 178.5 MWp, up from 173.5 MWp valued at EUR 54.7 million as of March 31, 2026. The new project is strategically located near an existing Zenith development with a secured grid connection, aligning with the company's strategy to prioritize projects with short development timelines and near-term revenue potential.
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Zenith Energy Ltd. (LSE: ZEN; OSE: ZENA; XSAT: ZENA SDR), is pleased to announce the acquisition of a 5 MWp photovoltaic development project located in Puglia, Italy (the "Puglia Acquisition").
The Puglia Acquisition covers approximately 5 hectares of land in proximity to a motorway, within areas classified as suitable for solar PV development under the applicable regulatory framework.
The land has been acquired at a price of approximately €115,000 per hectare, reflecting the strategic value of the site in terms of location, infrastructure access, and proximity to the electricity grid.
The Company plans to develop a solar PV plant with an expected installed capacity of approximately 5 MWp following the Puglia Acquisition.
Overview of the Puglia Acquisition
- A photovoltaic development project with an expected installed capacity of approximately 5 MWp located in Puglia, Italy.
- In close proximity (approximately 300 meters) to a project already under development by the Company, for which grid connection has already been secured and accepted, with expected activation timelines of 90 working days.
- Classified as being at the development stage.
- Total consideration is EUR 575,000. Payment will be made upon securing all required permits and achieving Ready-to-Build status at the conclusion of the development process.
Solar Development Strategy
Following completion of the Puglia Acquisition, Zenith's solar development pipeline has increased to a total of 178.5 MWp, representing a further expansion from the 173.5 MWp reported in the Company's most recent independent valuation as of March 31, 2026, which assigned a total value of EUR 54.7 million to the portfolio.
The expansion of the pipeline is expected to support further value creation as projects advance through permitting, Ready-to-Build and construction stages. The Company remains focused on increasing the scale and quality of its portfolio while progressing assets towards monetisation and production.
Andrea Cattaneo, Chief Executive Officer, commented:
"With a combined installed capacity of 5 MWp, the project increases Zenith's solar development pipeline to 178.5 MWp and adds further exposure to the Puglia market.
This acquisition aligns with our strategy of prioritising projects with short development timelines and near-term revenue potential."
Overview of Zenith Energy's solar portfolio as of April 23, 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 | 10 | Development | Acquisition announced on March 20, 2026. Planned under PAS procedure. |
| Puglia Solar Project | 5 | Development | Acquisition announced today. |
| 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 | Under Construction | Construction starting 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 | Under Construction | Construction starting 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 | 178.5 |
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