Construction of first solar project, Italy

30 Jun 2026 00:51 CEST

June 30, 2026

ZENITH ENERGY LTD.

Construction of first solar project, Italy

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 construction of its first photovoltaic solar project in
the Puglia region of Italy has commenced (the “First Plant”).

This marks the commencement of the first of the three solar plants comprising
the Company's previously announced 7 MWp Under Construction Portfolio ("UCP") in
Puglia, announced on 22 March 2026. The remaining plants are expected to enter
construction during July and August 2026.

The First Plant is being developed by Zenith through its wholly owned Italian
subsidiary, WESOLAR S.R.L., and has an installed capacity of approximately 1
MWp.

Zenith's Italian renewable energy strategy is focused on the development of
photovoltaic projects designed to qualify directly under Italy's FER X incentive
scheme, which is supported by a €23 billion State aid programme recently
approved by the European Commission to accelerate the production of electricity
from renewable energy sources in Italy.

Zenith expects the three solar plants comprising the UCP to become operational,
connected to the national electricity grid and revenue generating by the end of
2026.

The Company believes that the commencement of construction of the First Plant in
Puglia marks an important transition from the development phase to the execution
phase and has the potential to provide financial momentum for the broader
expansion of Zenith's Italian renewable energy pipeline, which currently
comprises approximately 200 MWp of photovoltaic projects.

Andrea Cattaneo, Chief Executive Officer of Zenith, commented:

"The commencement of construction of our first photovoltaic plant in Puglia
marks a significant milestone for Zenith.
Our strategy has been to develop a portfolio of small-scale photovoltaic
projects capable of qualifying directly under Italy's FER X incentive scheme,
thereby reducing execution risk and accelerating the path to production and
revenue generation.

The European Commission's recent approval of Italy's €23 billion renewable
energy support scheme further enhances the attractiveness of this strategy and
reinforces the favourable regulatory environment for the development of
renewable energy projects in Italy.

We expect all three solar plants comprising the UCP to become operational and
revenue-generating by the end of 2026. As additional projects progress through
construction and into operation, we expect the pace of deployment and revenue
generation to accelerate, creating growing momentum across our broader Italian
photovoltaic portfolio, which currently comprises approximately 200 MWp of
projects.

This represents an important first step towards establishing a self-reinforcing
financial platform, whereby cash flows generated from early projects contribute
to supporting the progressive development of subsequent projects within the
portfolio."

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 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.

More information:
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