Acquisition of Solar Energy assets

30 May 2025 00:46 CEST

May 30, 2025

ZENITH ENERGY LTD.

("Zenith" or the "Company")

Acquisition of Solar Energy assets

Zenith Energy Ltd. ("Zenith" or the "Company") (LSE: ZEN; OSE: ZENA; PINK
MARKET: ZENAF), the listed international energy production and development
company, is pleased to announce that it has acquired a total of three solar
energy production assets in Italy, located in the regions of Piedmont and Lazio,
by way of its Italian subsidiary created for the purpose of managing its new
solar energy portfolio WESOLAR S.R.L. ("WESOLAR").

Ready-to-Build projects located Lazio, Italy for a combined total of 2 MWp (the
“Lazio Acquisitions”)

WESOLAR has signed an exclusive option, with a duration of twenty days, to
acquire two adjacent Ready-to-Build solar energy projects located in the region
of Lazio, each with a peak power output of 1 MWp.

The Lazio Acquisitions cover a cumulative land area of 6 hectares to be acquired
for a consideration of EUR 400,000.

Installation and commissioning of the photovoltaic energy production
infrastructure has been assessed as requiring an investment of approximately EUR
1.3 million.

All necessary permits and authorisations have been obtained for the Lazio
Acquisitions, resulting in the categorisation of ‘Ready-to-Build’.

Agrivoltaic project in Piedmont, Italy – 7 MWp (the “Piedmont Acquisition”)

The Company has signed an agreement to acquire approximately 13.5 hectares of
agricultural land in the region of Piedmont for a cash consideration of EUR
900,000.

The Piedmont Acquisition is categorised as ‘Agrivoltaic’, meaning that
agricultural and solar energy production activities are combined in a hybrid
manner to co-exist and function simultaneously.

The Italian regulatory environment governing solar energy production has
recently undergone important changes to better define and encourage the
integration of renewable energy production with sustainable agricultural
practices.

Production activities are expected to commence within a year, during which time
the necessary permits and installation of the photovoltaic energy production
infrastructure will take place.

The Piedmont Acquisition is conditional on the successful achievement of all the
necessary local approvals and permits, as well as completion of due diligence by
the Company.

Installation and commissioning of the photovoltaic energy production
infrastructure has been assessed as requiring an investment of approximately EUR
3.5 million.


Solar Energy Project in Liguria, Italy - 0.5 MWp (the “Ligurian Acquisition”)

The Company is pleased to announce that it has now completed the Ligurian
Acquisition.

As previously announced on April 9, 2025, the production capacity of the
Ligurian Acquisition will be increased to 0.5 MWp through the installation of
latest generation photovoltaic technology.

The Ligurian Acquisition has been acquired for a consideration of EUR 110,000.

Gross annual revenue is currently in the amount of approximately EUR 30,000,
with an expected payback time of approximately 4 years utilising exiting
infrastructure.

Planned infrastructural upgrades are expected to increase annual gross revenue
to approximately EUR 100,000.

Production costs are limited and confined to general maintenance.

Solar Energy Project in Sicily, Province of Ragusa, Italy - 3.29 MWp (the
“Sicilian Acquisition”)

The Sicilian Acquisition was first announced by the Company on April 9, 2025.

Zenith has now terminated the Sicilian Acquisition.

Andrea Cattaneo, Chief Executive Officer, commented:

"We are successfully implementing our growth strategy to achieve the objective
of building a portfolio with 20 MWp capacity by the close of 2025.

Completion of the Ligurian Acquisition has symbolic importance as we are now
officially a cash generating renewable energy producer.

As stated previously, our goal is to create a profitable, revenue generating
portfolio that will pay dividends to shareholders as part of a broader long-term
strategic vision for the Company.

I look forward to reporting on further progress in due course."

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 the Pink
Markets of the OTC (OTC PINK: ZENAF).

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:
Access the news on Oslo Bors NewsWeb site

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