Commencement of Construction: 7 MWp Solar Plants

18 Feb 2026 08:09 CET

February 18, 2026

ZENITH ENERGY LTD.

("Zenith" or the "Company")

Commencement of Construction: 7 MWp Solar Plants

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, through its wholly-owned Italian subsidiary WESOLAR S.R.L.
("WESOLAR"), that it has commenced construction-phase activities for the first
assets within its Italian solar pipeline. Zenith has selected three projects in
the Puglia region of Italy, totaling 7 MWp, for construction: Andria-1, Andria-3
and Andria-4 (together, the "Under Construction Portfolio" or “UCP”).

Key construction and development milestones

• The layouts for all ground-mounted plants within the Under Construction
Portfolio have been completed.

• All grid-connection applications have been submitted.

• The purchase of panels and construction costs for the UCP is expected to be
approximately EUR 3,150,000, together with land purchase price of EUR 720,000,
for a total expected cost of EUR 3,870,000.

• Upon completion of the construction, the Company estimates gross proceeds of
approximately EUR 14.8 million, in the first 10 years.

• The duration of the production of this plant is expected for about 30 years.

• The Company has initiated a tender process for construction and is in advanced
discussions with banking counterparties to secure construction financing, as
announced in the Company's regulatory news release dated November 20, 2025.

• Subject to final approvals and customary conditions, the Company anticipates
that financing would cover approximately 80% of total land acquisition and
construction costs, with the remaining approximately 20% funded through an
equity contribution by WESOLAR.

• The Company has scheduled the start of physical construction of the first
plants for July 2026.

• The sale value of these 3 properties, once in production, is estimated to be
9.1 million Euro.

New Acquisition of two ground-mounted PV projects in Puglia

To maintain pipeline momentum and replace assets that have progressed into
construction, Zenith, via WESOLAR, has also acquired two new ground-mounted
photovoltaic ("PV") projects in the Puglia region of Italy (the "Acquisitions").
Overview of the Acquisitions
• The Company has acquired two new ground-mounted PV projects located in the
Puglia region of Italy.
• The projects are currently at development stage and are located on land
parcels with surface areas of approximately 4 hectares and 2 hectares,
respectively.
• The projects are expected to have a combined installed capacity of
approximately 5 MWp.
• The consideration for the land is EUR 779,000, conditional upon the
achievement of all necessary permits to reach Ready-to-Build status

Strategy overview

The progression of projects from development to construction provides evidence
of the tangible progress of Zenith's solar strategy in Italy and further
enhances the value of the Company's development pipeline.

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 through design, permitting and
grid-connection milestones, moving toward Ready-to-Build ("RtB") status.

This portfolio carries a tangible market value, which typically increases as
projects mature and are de-risked through successive development stages. As
previously announced in the Company's regulatory news release 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
totaled 110.5 MWp and was independently valued at EUR 27,500,000. This
evaluation will need to be updated in due course.

With further acquisitions since then and the addition of the two Puglia PV
projects described in this announcement (approximately 5 MWp), the Company's
solar portfolio increases to approximately 125.5 MWp. 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 monetize 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 18, 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 August 6, 2025.
Lazio Agrivoltaic Project 2 8.0 Development First announced August 27, 2025.
Piedmont Agrivoltaic Development Projects 30.0 Development Acquisition
comprising various agrivoltaic projects announced August 11, 2025.
Piedmont PV Development Project 10.0 Development Acquisition announced August
22, 2025.
Piedmont Agrivoltaic Development Project 19.0 Development Acquisition announced
October 19, 2025.
Piedmont Advanced Agrivoltaic Development Project 10.0 Development Acquisition
announced February 2, 2026.
Puglia Solar Asset (“Andria-1”) 3.0 Tendering / financing (RtB) Announced
November 20, 2025. Construction targeted for July 2026.
Puglia Development Asset
("Andria-2" and "Barletta-1")
6.0 Development (late-stage) Acquisition announced September 16, 2025.
Puglia Solar Development (PV + BESS) 10.0 Development Acquisition signed October
9, 2025.
Puglia PV Development (“Andria 3” and “Andria 4”) 4.0 Tendering / financing
(RtB) Announced November 20, 2025. Construction targeted for July 2026.
Puglia PV Development 10.0 Development Acquisition announced November 17, 2025.

Puglia Ground-Mounted PV Projects (two sites) 5.0 Development New acquisition
announced today.
Total portfolio 125.5

Notes to the table:
· Lazio Agrivoltaic Project 2: Capacity increased from 7 MWp to 8 MWp.
· Piedmont Agrivoltaic Development Project: Capacity Increased from 18 MWp to 19
MWp.
· Puglia PV Development: Capacity reduced from 12 MWp to 10 MWp due to
bureaucratic requirements, to enable faster processing of the permitting
application.

Comment from Andrea Cattaneo, Chief Executive Officer:

"The commencement of construction-phase activities for our first Italian solar
assets marks an important step in the execution of Zenith's renewables strategy.
With three projects totaling 7 MWp now progressing through the tender and
financing process, and with additional development land secured in Puglia to
keep the pipeline flowing, we believe we are building a portfolio that can
deliver scalable and recurring electricity production revenues over time. We
look forward to providing further updates as we progress toward physical
construction and as our financing discussions advance."

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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