Acquisition of 5 MWp solar development projects
Zenith Energy Ltd. has acquired two solar development projects in Puglia, Italy, each with a capacity of 2.5 MWp, increasing its total solar development pipeline to 183.5 MWp. The company's existing portfolio was valued at EUR 54.7 million as of March 31, 2026. Payment for the new acquisitions will be made upon securing permits and achieving Ready-to-Build status, with land acquired at an average price of approximately €70,000 per hectare. Zenith is targeting 200 MWp and expects to begin construction on its first site in July 2026, while also exploring asset divestments.
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Zenith Energy Ltd. (LSE: ZEN; OSE: ZENA; XSAT: ZENA SDR), is pleased to announce the acquisition of two solar development projects, both situated in the Province of Puglia in Italy, of 2.5 MWp each (collectively, the "Puglia Acquisitions").
Highlights
- Two solar development projects in Puglia, each with a capacity of 2.5 MWp: a 2-hectare photovoltaic plant and a 5-hectare agrivoltaic project, both located in areas designated for solar PV and agrivoltaic development.
- Classified as being at the Development Stage.
- Payment will be made upon securing all required permits and achieving Ready-to-Build status at the conclusion of the development process.
- The land has been acquired at an average price of approximately €70,000 per hectare.
Solar Development Strategy
Following completion of the Puglia Acquisitions, Zenith's solar development pipeline has increased to a total of 183.5 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:
"The Puglia acquisitions, with a combined capacity of 5 MWp, increase Zenith's solar development pipeline to 183.5 MWp and further strengthen our presence in the Puglia market.
We are now approaching our target of 200 MWp and are excited to begin construction of our first site in July 2026. At the same time, we are advancing other projects towards the Ready-to-Build stage and exploring the divestment of selected assets on potentially highly advantageous terms to support further expansion."
Overview of Zenith Energy's solar portfolio as of April 27, 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 | 10.0 | 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 | 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 PV Development | 2.5 | Development | Announced today. |
| Puglia Agrivoltaic Development | 2.5 | Development | Announced today. |
| Puglia Photovoltaic Project (PV + BESS) | 10.0 | Development | Acquisition announced on March 5, 2025. |
| Puglia PV Project | 5.0 | Development | Announced on April 23, 2026. |
| Total portfolio | 183.5 |
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