Achievement of 98.5 MWp in Solar Development Projects

19 Oct 2025 23:05 CEST

October 19, 2025

ZENITH ENERGY LTD.

("Zenith" or the "Company")

Achievement of 98.5 MWp in Solar Development Projects

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”).

Overview of the Acquisitions

Piedmont Acquisition

• An agrivoltaic Development Project with a capacity of 18.0 MWp, located on
flat terrain, which is expected to reduce construction costs.
• Agrivoltaic technology integrates agricultural activities with solar energy
production, optimising land use and supporting sustainable agricultural
practices.
• The project is located near other Zenith properties in Piedmont, reinforcing
the Company’s ‘cluster’ strategy.
• The total consideration is EUR 2,100,000, including the purchase of the land
upon which the Piedmont Acquisition will be constructed.
• Payment of the consideration is staged and conditional upon achieving
permitting and grid connection milestones required to reach Ready to Build
status.
• The Company expects the Piedmont Acquisition to achieve 'Ready-to-Build'
status within 24 months.

Puglia Acquisition

• Photovoltaic Solar Development Project with an installed capacity of 4.0 MWp.
• Total consideration: EUR 440,00, staged and conditional upon achieving
permitting and grid connection milestones required to reach Ready to Build
status
• The Company expects the Puglia Acquisition to achieve 'Ready-to-Build' status
within 8 months.
• The Puglia Acquisition also involves the acquisition of the land necessary to
host the Company’s second planned battery energy storage system (“BESS”) with a
capacity of up to approx. 2 MW.
• A BESS is designed to store electricity generated during low-price periods
and resell it during higher-priced (time-of-use tariff periods),
thereby maximising the profitability of energy production. In Italy, electricity
prices vary across the day, with peak hours commanding significantly higher
prices, allowing the system to optimize returns through strategic energy storage
and release.
• The Puglia Acquisition is located near other Zenith properties in Puglia,
reinforcing the Company’s ‘cluster’ strategy.



Agrivoltaic Development Project announced on August 27, 2025

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.

Strategy Overview

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.






Overview of Zenith Energy's Solar Portfolio (as of October 19, 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.
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


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

“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 long-term 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 near-construction 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.”

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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