Update on Construction and Financing of Ready-to-Build Solar Energy Projects

20 Nov 2025 10:02 CET

November 20, 2025

ZENITH ENERGY LTD.

("Zenith" or the "Company")

Update on Construction and Financing of Ready-to-Build Solar Energy 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 it has initiated a tender exercise for the construction
of a portfolio of solar energy assets in the Puglia region of Italy, with a
total installed capacity of 7 MWp.

Overview

The first project to be constructed is a 3 MWp PV solar energy project,
categorised as Ready-to-Build and with all the necessary permits for the
immediate commencement of construction, announced by way of regulatory news on
30 July 2025 (“Andria-1”).

The second and third projects to be constructed (“Andria-2” and “Barletta-1”)
are also located in close proximity to Andria-1. Andria-2 and Barletta-1 are
currently in the Development phase and are expected to reach Ready-to-Build
status within four months. These assets form part of the acquisition announced
on 16 September 2025.
Construction across all three plants—representing a combined installed capacity
of approximately 7 MWp—is expected to commence by June 2026.

The land designated for these projects has already undergone comprehensive due
diligence by the Company and requires only minimal civil works, resulting in
reduced construction costs.

Furthermore, all projects benefit from highly favourable grid-connection
conditions and are situated in an area that remains less saturated than other
parts of Puglia, specifically within the Province of Barletta-Andria-Trani.
These factors provide a clear strategic advantage for the development pipeline
that Zenith is advancing in Italy.
The Company will provide updates as appropriate once the tender exercise has
concluded and once Ready-to-Build status and all other necessary approvals for
construction are obtained for Andria-2 and Barletta-1.

Funding

The Company is in advanced negotiations with three different banks to secure
construction financing for Andria-1, Andria-2, and Barletta-1.

Zenith expects to finalise an agreement, for an amount equal to up to 90% of the
construction costs, by the conclusion of the tender exercise.

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

"Throughout Zenith’s history, our strategy has always been firmly grounded in
the goal of generating revenue.
In the currently favourable energy-pricing environment, we aim to deliver
tangible progress across all phases of the portfolio, demonstrating our ability
to advance assets from the Development stage to Ready-to-Build and ultimately
into revenue generation. This upcoming construction phase will be significant:
the projects will be financed almost entirely through attractive ‘green’ bank
facilities, providing a strong proof of concept, delivering the Company’s first
revenue from renewable solar energy, and setting the stage for other, larger
projects that we expect to reach Ready-to-Build status in the new year.

Looking ahead, our model will be to construct selected projects, sell others
within our development pipeline where commercially attractive, and continue
expanding the pipeline, all while progressing projects in parallel to begin
building scale.

As the Company’s cash position strengthens—through organic revenue, supported by
low-interest bank financing, and potential significant capital injections
anticipated in 2026 from other fronts—we expect to be positioned to grow the
portfolio exponentially."

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:
Access the news on Oslo Bors NewsWeb site

660125_20.11.2025 Norway.pdf