Solar Acquisition and Gas Supply Growth

05 Mar 2026 02:54 CET

March 5, 2026

ZENITH ENERGY LTD.

("Zenith" or the "Company")

Solar Acquisition and Gas Supply Growth

Zenith Energy Ltd. ("Zenith" or the "Company") (LSE: ZEN; OSE: ZENA; XSAT: ZENA
SDR), the international energy production and development company, is pleased
to announce the acquisition of an additional photovoltaic development project in
the Puglia region of Italy (the “Acquisition”). The Acquisition represents a
strategic advancement toward the Company’s objective of achieving a solar energy
development portfolio capacity exceeding 200 MWp by the close of 2026.

Overview of the Acquisition
• The Acquisition comprises a photovoltaic development project located in the
Puglia region, with an expected installed capacity of approximately 10 MWp.
• Photovoltaic parks are generally cheaper to build than agrivoltaic parks and
typically command a premium price in the secondary market.
• The Company has secured sufficient land to accommodate an integrated 4 MW
Battery Energy Storage System (“BESS”) to optimize energy dispatch and support
the requirements of the local grid.
• The Acquisition is classified as being in the development stage.
• The Company expects the project to reach Ready-to-Build (“RtB”) status by
February 2027.
• The total consideration for the Puglia Acquisition is EUR 1,050,000. Payment
will be made upon securing all required permits and achieving RtB status at the
conclusion of the development process.

Strategy Overview

In the solar energy industry, a “pipeline” refers to the portfolio of
development projects being advanced toward construction. Zenith’s pipeline
comprises a rapidly growing portfolio of projects progressing through design,
permitting, and grid-connection milestones, moving toward Ready-to-Build (“RtB”)
status.

Solar development pipelines possess significant intrinsic value, which generally
increases as projects progress and risks are mitigated through the development
process. As previously disclosed in the Company’s regulatory news announcement
dated 4 December 2025, an independent valuation of Zenith’s 110.5 MWp solar
pipeline placed its value at EUR 27.5 million upon reaching Ready-to-Build
(“RtB”) status. Following subsequent acquisitions, the Company’s solar pipeline
has expanded to approximately 135.5 MWp, and an updated independent valuation
has, accordingly, been commissioned.

Zenith intends to pursue a commercially focused strategy across its Italian
portfolio, advancing projects to RtB status and selectively monetising a portion
of these assets. Proceeds from such sales are expected to support the continued
development of the remaining projects through to production, where they are
intended to generate long-term, recurring electricity revenue for the Company.

Relaunch of Sant’Andrea Gas Field

Due to ongoing conflicts affecting several key gas-producing countries, the
Company expects a significant increase in natural gas prices and, consequently,
electricity prices. In light of these market conditions, Zenith has decided to
recommence production at the Sant’ Andrea gas field in Italy. Upon reactivation,
the field is expected to produce approximately 40,000 cubic metres of natural
gas per month (equivalent to 480,000 cubic metres per annum), with production to
be connected to and sold through the Italian national grid.

Andrea Cattaneo, Chief Executive Officer, commented:

"We are delighted to further strengthen our solar portfolio in one of the most
attractive solar development markets in Europe. Following the Acquisition, our
solar development pipeline has increased to approximately 135.5 MWp, and we
intend to continue expanding it rapidly toward our target of at least 200 MWp by
the end of 2026.

The ongoing geopolitical tensions also underscore the strategic importance of
secure natural gas supply and reliable electricity generation in Europe. Against
this backdrop, Zenith is actively expanding its solar portfolio while increasing
our existing natural gas production.”

Overview of Zenith Energy's solar portfolio as of March 5, 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 Acquisition
announced February 18, 2026.
Puglia Photovoltaic Project (PV + BESS) 10.0 Development Acquisition announced
today.
Total portfolio 135.5



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

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