Acquisition of Solar Energy Project

16 Sep 2025 19:55 CEST

September 16, 2025

ZENITH ENERGY LTD.

("Zenith" or the "Company")

Acquisition of Solar Energy Project

Zenith Energy Ltd. ("Zenith" or the "Company") (LSE: ZEN; OSE: ZENA), the listed
international energy production and development company, is pleased to announce
the signing of an agreement to acquire a solar energy development project
located in the Puglia region of Italy (the "Puglia Acquisition") by its
wholly-owned Italian subsidiary created to manage its solar energy portfolio,
WESOLAR S.R.L. ("WESOLAR").

Key Highlights

• The Puglia Acquisition will have a total installed capacity of approximately 6
MWp.
• The Puglia Acquisition is categorised as being at ‘Development’ stage.
• Puglia is one of Italy’s most favourable regions for solar energy, having
higher solar irradiation hours compared to other regions. This results in a
superior economic yield for solar energy plants.
• The Puglia Acquisition enables Zenith to consolidate its presence in Puglia,
while at the same time complementing its established pipeline in Piedmont and
Lazio. Together, these acquisitions provide the Company with significant
development portfolios in Puglia, Lazio and Piedmont, three of Italy's most
attractive and strategically important regions for solar energy.
• The consideration for the Puglia Acquisition is EUR 750,000, which includes
the purchase of the land hosting the Puglia Acquisition, and will be conditional
to the achievement of all the necessary permits for it to achieve
'Ready-to-Build’ categorisation.

Zenith Energy Solar Portfolio (as of September 16, 2025)
Project / Stage Capacity (MWp) Status Notes
Liguria Solar Asset 0.5 Production Upgrade Currently producing 0.2 MWp,
upgrade to 0.5 MWp planned.
Puglia Solar Asset 3.0 Ready-to-Build All permits obtained, grid connection
ready, announced on July 30, 2025.
Piedmont Photovoltaic Project 10.0 Development Originally an agrivoltaics
project, but then reclassified to photovoltaic as announced on August 22, 2025.
Lazio Agrivoltaic Projects 15.0 Development First Lazio acquisition (10 MWp)
announced Aug 6, 2025. Second acquisition (5 MWp) announced on August 27, 2025.
Piedmont Agrivoltaic Development Projects 30.0 Development Multi-site
acquisition announced on August 11, 2025.
Puglia Solar Development Asset 6.0 Development Acquisition signed on September
16, 2025.
Total Portfolio 64.5

Andrea Cattaneo, Chief Executive Officer of Zenith Energy, commented:

"The addition of a second solar energy project in Puglia increases our regional
development capacity to 9 MWp and marks a further step in strengthening Zenith's
Italian solar portfolio.

Together with our development pipeline in Piedmont and Lazio, the Puglia
Acquisition establishes three development clusters in the most attractive
regions of Italy for solar energy production. This cluster approach is expected
to drive operating efficiencies, improve development and construction economics,
and enhance long-term portfolio value.
We remain focused on a disciplined, step-by-step strategy to build a
diversified, scalable and cash-generative solar portfolio.

We will continue to grow assets under management as opportunities arise to build
an operation with substantial realisable value that delivers sustainable value
for shareholders."

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 has
received conditional approval for listing on the Spotlight Stock Market in
Sweden.

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

655525_16.09.2025 Norway.pdf