110.5 MWp in Solar Development Projects

17 Nov 2025 12:20 CET

November 17, 2025

ZENITH ENERGY LTD.

("Zenith" or the "Company")

110.5 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 the signing of a new 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").

Overview of the Acquisitions

• The Puglia Acquisition is located in Italy’s Puglia region and comprises
approximately 12 MWp of ground-mounted PV capacity across roughly 15 hectares of
flat, well-levelled land, resulting in minimal earth-moving requirements.

• In addition, the Company has secured sufficient land to accommodate an
integrated 3 MW Battery Energy Storage System (“BESS”) to optimise energy
dispatch and support the local grid.

• A BESS is designed to store electricity generated during low-price periods and
discharge it during higher-priced fasce orarie (time-of-use tariff periods),
thereby maximising revenue. In Italy, electricity prices fluctuate throughout
the day—with peak hours (fasce orarie di punta) commanding materially higher
prices—allowing strategic storage and release to enhance project returns.

• The Puglia Acquisition is currently classified as being in the ‘Development’
stage.

• Puglia is among Italy’s most favourable regions for solar power generation,
benefiting from high solar irradiation levels that support superior economic
performance for photovoltaic projects.

• The Puglia Acquisition strengthens the Company’s presence in the region and
complements its existing development pipeline in Piedmont and Lazio. Together,
these three clusters form a strategically significant solar development
portfolio across some of Italy’s most attractive and highly sought-after
renewable-energy generation areas.

• Italy continues to rank among the global leaders in photovoltaic technology,
deployment, and installed capacity.

• The Company expects the project to reach Ready-to-Build status within 12–16
months.

• The total consideration for the Puglia Acquisition is EUR 1,050,000, including
the associated land. Payment will be made upon securing all required permits and
achieving Ready-to-Build status at the conclusion of the development process.

Strategy Overview

In the solar energy industry, a “pipeline” refers to the aggregate portfolio of
development projects being actively advanced toward construction. Zenith’s
pipeline is composed of projects progressing daily through design, permitting,
and grid-connection milestones, moving step by step toward Ready-to-Build
(“RtB”) status. This expanding portfolio already carries tangible market value,
which increases as projects mature and de-risk through successive development
stages. Owing to Zenith’s optimised site selection and high-quality development
standards, portions of the portfolio could already be monetised with
professional counterparties, reflecting its strong commercial quality and
competitiveness.

Zenith plans to sell only a portion of its development portfolio. This strategic
divestment will generate immediate profit and strengthen both profitability and
liquidity, while allowing the Company to continue expanding its project base and
initiate construction of selected solar assets.

To ensure full transparency and effective communication with shareholders,
Zenith is commissioning an independent valuation of its development portfolio,
illustrating the progress achieved since the Company’s strategic shift in early
2025 toward solar energy development and production.

With the original 100 MWp development target now substantially met, Zenith will
define a new capacity objective and broaden its strategy to support continued
growth in electricity production.

The Company has also initiated development activities in BESS segment, a highly
attractive and complementary market that enhances grid stability and long-term
value creation.

As previously announced, funding for these next phases will be secured through
financing from specialised renewable-energy lenders and through the sale of
selected portions of the existing development portfolio to interested
professional counterparties.

Transition to Production: Creating Tangible and Recurring Revenue

As part of its long-term growth strategy, Zenith intends not only to develop and
sell projects, but also to select certain RtB assets and construct them,
enabling the Company to generate direct, tangible revenue from electricity
production.

While development-stage asset sales generate strong near-term profitability,
owning and operating selected plants provides stable, predictable, and recurring
cash flows supported by Italy’s favourable solar-generation economics.
Production assets benefit from long operating lives, low operating costs, and
exposure to steady market demand for clean electricity. This dual-track model
strengthens Zenith’s financial profile by combining short-term value creation
from development sales with long-term revenue generation from energy production.
By constructing and operating a portion of its RtB pipeline, Zenith enhances its
revenue base, builds tangible asset value on the balance sheet, and demonstrates
its capability as a fully integrated renewable-energy operator.








Overview of Zenith Energy's Solar Portfolio (as of November 17, 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 PV Development 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 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 PV 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.
Puglia PV Development 12.0 Development Acquisition signed and announced on
November 17, 2025. Includes a BESS project with a capacity of up to approx. 3
MW.
Total Portfolio 110.5



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

“We are pleased to expand our presence in Puglia, further strengthening Zenith’s
strategic cluster in one of Italy’s most attractive solar regions. With this
latest addition, our development portfolio now surpasses the 100 MWp milestone,
reflecting consistent progress and strong execution.

The Puglia acquisition also reinforces our commitment to Battery Energy Storage
Systems, a core element of our strategy to enhance flexibility, resilience, and
long-term project value.

With a solid development base in place, our next priority is to bring selected
Ready-to-Build assets into construction, supported by specialised lenders. This
will provide tangible production revenue and further demonstrate the quality and
bankability of Zenith’s portfolio.

As outlined, we will divest a portion of our pipeline to realise immediate value
while continuing to expand and advance our project base. This balanced model
positions Zenith for sustained profitability and long-term growth across both
solar and storage.”

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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