Acquisition of Solar Energy Project in Piedmont

02 Feb 2026 10:35 CET

February 2, 2026

ZENITH ENERGY LTD.

("Zenith" or the "Company")

Acquisition of Solar Energy Project in Piedmont

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 acquisition of an agrivoltaic project at development
stage located in the Piedmont region of Italy (the “Acquisition”), through its
wholly-owned Italian subsidiary, responsible for managing its solar energy
portfolio, WESOLAR S.R.L. (“WESOLAR”).

Overview of the Acquisition

• The Acquisition comprises a photovoltaic solar energy production project
located in the Piedmont region, with an expected installed capacity of
approximately 10 MWp.

• The Acquisition is classified as being in the development stage.

• Piedmont, and particularly the Province of Alessandria, where the new plant
will be developed, is one of the most industrialised areas in Italy. This
characteristic makes the sale of electricity from renewable sources particularly
profitable, due to strong local energy demand. Demand to acquire this type of
project remains consistently high.

• This additional acquisition in Piedmont enables Zenith to further consolidate
its significant presence in the region, where approximately 60 MWp of projects
are already under development, while at the same time complementing the
Company’s existing pipeline in Piedmont, Puglia and Lazio.

• Italy stands out as one of the world’s leading countries in the development
and implementation of photovoltaic technology.

• The Company expects the project to reach Ready-to-Build status within the next
12–15 months.

• The consideration for the acquisition of the land for the new project amounts
to EUR 768,215.00, conditional upon the achievement of all necessary permits to
reach Ready-to-Build status.

Advanced negotiations are currently underway for the acquisition of two
additional projects.

Strategy Overview

In the solar energy industry, a “pipeline” refers to the aggregate portfolio of
development projects being actively advanced toward construction day after day.
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 carries tangible market
value, which typically increases as projects mature and de-risk through
successive development stages.

As previously announced in the Company’s regulatory news announcement dated
December 4, 2025, Zenith received the results of an independent valuation of its
existing solar energy development pipeline (the “Pipeline”). At that time, the
pipeline totalled 110.5 MWp and was independently valued at €27,500,000.00.

Since the independent valuation was completed, Zenith’s solar portfolio has
increased to 120.5 MWp as of February 2, 2026. Accordingly, the previously
announced independent valuation does not reflect the additional capacity
acquired since that date. The Company believes that the increase in portfolio
capacity provides further support for the value-creation potential of its
renewable energy development activities, although no updated independent
valuation has been published for the enlarged portfolio.

Zenith intends to maintain a balanced approach across its Italian portfolio,
progressing projects toward RtB status while selectively assessing opportunities
to monetise portions of the development pipeline with professional
counterparties, and to construct selected assets to establish tangible and
recurring electricity production revenue.
Overview of Zenith Energy's Solar Portfolio (as of February 2, 2026)

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.
Piedmont Advanced Agrivoltaic Development Project 10.0 Development Acquisition
announced on February 2, 2026. Located in Castelnuovo Scrivia, Province of
Alessandria. Expected RtB within 12–15 months.
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 120.5


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

“We are pleased to have secured an additional agrivoltaic development project in
Piedmont, further strengthening Zenith’s footprint in a high-demand industrial
area in the Province of Alessandria. This acquisition reflects our continued
focus on building a high-quality Italian solar pipeline and advancing it
efficiently through permitting and grid-connection milestones.

With this latest addition, Zenith’s Italian solar portfolio increases to 120.5
MWp, reinforcing the scale and strategic positioning of our regional clusters
across Piedmont, Puglia and Lazio.
We believe we can reach a portfolio of 200 MWp by the end of 2026, while
maintaining at the same time the strict discipline we adopted in 2025 in the
choice of locations.

Our priority remains to progress projects toward Ready-to-Build status, enabling
us to both realise near-term value through selective monetisation and to
construct selected assets to generate tangible and recurring production
revenue.”

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

This information is subject to the disclosure requirements of Article 17 of the
EU Market Abuse Regulation (“MAR”). The information was submitted for
publication by the contact person.

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