Update on Solar Project in Piedmont, Italy

22 Aug 2025 01:05 CEST

August 22, 2025

ZENITH ENERGY LTD.

("Zenith" or the "Company")

Update on Solar Project in Piedmont, Italy

Zenith Energy Ltd. ("Zenith" or the "Company") (LSE: ZEN; OSE: ZENA), the listed
international energy production and development company, is pleased to provide
an update regarding its acquisition of a 7 MWp agrivoltaic solar energy project
located in the region of Piedmont, Italy (the “Piedmont Acquisition”).

Key Highlights

• As announced on May 30, 2025, the Company’s fully owned subsidiary, WESOLAR
S.R.L., signed an agreement to acquire approximately 13.5 hectares of
agricultural land for a consideration of EUR 900,000 (the “Consideration”).

• Payment of the Consideration and completion of the Piedmont Acquisition is
conditional upon the achievement of all the necessary approvals and permits in
order for construction and commissioning of the solar energy production
infrastructure to take place.

• The Piedmont Acquisition was originally designed as an agrivoltaic plant with
an installed capacity of 7 MWp. Agrivoltaic technology integrates agricultural
activities with solar energy production, optimising land use and supporting
sustainable agricultural practices. However, agrivoltaic plants require
proportionally more land for the same capacity of installed MWp.

• Recent regulatory changes in Italy, brought about by the sentence of the
Council of State number 6160/2025, have enabled the Piedmont Acquisition to be
reclassified.

• The Piedmont Acquisition has now been projected as a 10MWp solar energy
development project, replacing its previous classification as a 7 MWp
agrivoltaic development project.

• The reclassification is expected to materially improve the Piedmont
Acquisition’s economics, shortening the completion timeline and simplifying its
technical profile, increasing potential electricity production and associated
revenue generation.

Andrea Cattaneo, Chief Executive Officer, commented:

“The reclassification of the Piedmont Acquisition to 10 MWp significantly
strengthens its economics and long-term value, enhancing our solar energy
project pipeline.

One of the key determinants for success in the Italian solar energy domain is an
operator’s ability to successfully obtain the necessary permitting (at all
levels) in a comprehensive and timely manner.

We look forward to providing further updates in due course regarding potential
additional acquisitions, as well as the formalisation of financing agreements to
support the construction of 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) and the Euronext Growth of the Oslo Stock Exchange (OSE: ZENA).
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

653584_22.08.2025 Norway .pdf