Regulatory Filings • Oct 19, 2025
Regulatory Filings
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("Zenith" or the "Company")
Zenith Energy Ltd. ("Zenith" or the "Company") (LSE: ZEN; OSE: ZENA; XSAT: ZENA SDR), the listed international energy production and development company, is pleased to announce that is fully owned Italian solar energy subsidiary, WESOLAR S.R.L. ("WESOLAR"), has signed two separate agreements to acquire two solar energy development projects with a combined capacity of 22 MWp (collectively, the "Acquisitions").
On August 27, 2025, the Company announced an agreement to acquire 10 hectares of farmland in the region of Lazio to host a 5 MWp agrivoltaic solar energy plant (the "Lazio Acquisition").
The Company is pleased to confirm that, following project design and engineering optimisation the expected installed capacity is now 7 MWp, compared with 5 MWp previously envisaged, representing an increase of 2 MWp.
In the solar energy industry, a 'pipeline' represents the aggregate portfolio of development projects being actively advanced toward construction start. Zenith's pipeline consists of projects progressing daily across design, permitting, and grid connectivity, moving step by step toward Ready-to-Build (RTB) status.
This growing portfolio already carries tangible market value, which increases as projects mature through successive stages. Given the optimal characteristics and development parameters applied by Zenith, the portfolio could be already sold to professional counterparties, reflecting its strong commercial quality and competitiveness in the market.
Zenith plans to sell only a portion of its development portfolio. This strategic divestment will generate immediate profit and strengthen both profitability and the Company's cash position, while maintaining the Company's ability to expand its project base and initiate construction of selected solar projects.
To achieve full transparency and optimal communication with shareholders, Zenith is commissioning an independent evaluation of its development portfolio to illustrate the achievements of a journey that began in early 2025.
With the 100 MWp (megawatt peak) development target now substantially achieved, the Company will define a new capacity goal and broaden its strategy for the continued growth of electricity production.
Zenith has also initiated work in the Battery Energy Storage Systems (BESS) segment, a highly attractive and complementary area of development that enhances grid stability and long-term value creation.
As previously disclosed, funding for these next phases will be secured through borrowing from specialised renewable lenders and via the sale of portions of the existing portfolio to interested professional counterparties.
| 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 Aug 6, 2025. |
| Lazio Agrivoltaic Project 2 |
7.0 | Development | First announced on August 27, 2025, installed capacity has been increased to 7 MWp from 5 MWp. |
| Piedmont Agrivoltaic Development Projects |
30.0 | Development | Acquisition comprising of various agrivoltaics projects announced on August 11, 2025. |
| Piedmont Photovoltaic Project |
10.0 | Development | Originally an agrivoltaic project, subsequently reclassified to conventional solar energy as announced on August 22, 2025. |
| Piedmont Agrivoltaic Development Project |
18.0 | Development | Acquisition signed and announced on October 19, 2025. |
| Puglia Solar Asset | 3.0 | Ready-to-Build | All permits obtained, grid connection ready, announced on July 30, 2025. |
| Puglia Solar Development Asset |
6.0 | Development | Acquisition signed and announced on September 16, 2025. |
| Puglia Solar Development (PV + BESS) |
10.0 | Development | Acquisition signed on October 9, 2025, of development project of approx. 10 MWp and a BESS project with a capacity of up to approx. 10 MW. |
| Puglia Solar Development |
4.0 | Development | Acquisition signed and announced on October 19, 2025. Includes a BESS project with a capacity of up to approx. 2 MW. |
| Total Portfolio | 98.5 |
"We are delighted to announce the new acquisitions in Puglia and Piedmont, which further strengthen our regional presence and reinforce Zenith's strategic 'cluster' development model in Italy's most promising solar regions. With these additions, our total development portfolio now stands at 98.5 MWp, bringing us within reach of the important 100 MWp milestone — a clear testament to our disciplined growth and execution.
The recently acquired Puglia project also highlights our ongoing commitment to Battery Energy Storage Systems (BESS), a cornerstone of our strategy to enhance flexibility, grid stability, and longterm value creation. BESS integration remains central to Zenith's commercial and technical roadmap, positioning the Company at the forefront of the evolving renewable energy landscape.
With a robust development base now in place, our next strategic priority is to build or acquire a nearconstruction plant that will serve as a tangible proof of concept through revenue generation supported by bank financing. This milestone will demonstrate the quality and bankability of our assets, while further strengthening investor confidence in the scalability and profitability of Zenith's integrated renewable energy platform.
As we surpass the 100 MWp milestone, Zenith will establish a new capacity objective and pursue a broadened growth strategy encompassing both solar power and the BESS segment.
As disclosed, we plan to divest a portion of our pipeline to realise immediate value and reinforce our cash position, allowing continued acquisition and construction of selected solar parks. This balanced approach ensures sustained profitability and long-term value creation, supported by funding from specialised lenders and interested professional counterparties."
| Zenith Energy Ltd | ||
|---|---|---|
| Andrea Cattaneo, Chief Executive Officer | Tel: +1 (587) 315 1279 | |
| E: [email protected] |
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
The information included in this announcement is defined as inside information pursuant to MAR article 7 and is publicly disclosed in accordance with MAR article 17 and section 5 -12 of the Norwegian Securities Trading Act. The announcement is made by the contact person.
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