Acquisition of 28 MWp Solar Development Projects

13 Mar 2026 00:36 CET

March 13, 2026

ZENITH ENERGY LTD.

("Zenith" or the "Company")

Acquisition of 28 MWp Solar Development Projects

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 two agrivoltaic development projects with an
expected installed capacity of approximately 23 MWp and 5 MWp, respectively,
located in the Piedmont region of Italy (the “Acquisitions”).

The Acquisitions represent a material step towards the Company's objective of
building a solar energy development pipeline exceeding 200 MWp by the end of
2026. Following completion of the Acquisitions, Zenith's solar development
pipeline has increased to approximately 163.5 MWp, representing approximately
82% of the targeted capacity.
Overview of the Acquisitions

• The Acquisitions comprise two agrivoltaic development projects located in the
Piedmont region of Italy, with an expected installed capacity of approximately
23 MWp and 5 MWp, respectively.
• The Company has also secured sufficient land to accommodate an integrated 5 MW
Battery Energy Storage System ("BESS"), designed to optimise energy dispatch and
support the requirements of the local grid.
• Agrivoltaic technology integrates agricultural activities with solar energy
production, optimising land use while supporting sustainable agricultural
practices.
• The Acquisitions are currently in the development stage.
• The Company expects the Acquisitions to reach Ready-to-Build ("RtB") status by
March 2028.
• The cumulative total consideration for the Acquisitions is EUR 2,016,000,
payable upon securing all required permits and achieving RtB status at the
conclusion of the development process.
• The Company now holds approximately 100 MWp of solar energy development
projects in the Piedmont region, further strengthening its regional cluster
strategy.
• Italy is one of the leading countries globally in the development and
deployment of agrivoltaic technology.



Overview of Zenith Energy's solar portfolio as of March 13, 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.
Piedmont Agrivoltaic Development Project 23.0 Development Acquisition
announced on March 13, 2026
Piedmont Agrivoltaic Development Project 5.0 Development Acquisition announced
on March 13, 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
on March 5, 2025.
Total portfolio 163.5


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 towards 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 RtB. Following
subsequent acquisitions, the Company's solar pipeline has expanded to
approximately 163.5 MWp, and an updated independent valuation has, accordingly,
been commissioned and will reflect the additional Acquisitions announced today.

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.

Andrea Cattaneo, Chief Executive Officer, commented:

“This represents the single largest solar energy acquisition we have completed
since commencing our expansion into the solar sector. Following this
acquisition, our solar development pipeline has increased to approximately 163.5
MWp, bringing us significantly closer to achieving our stated objective of
building a 200 MWp solar pipeline by the end of 2026.

The increasingly volatile geopolitical environment, and its impact on energy
markets across Europe, underline the strategic importance of secure and reliable
electricity generation in established jurisdictions where the rule of law
prevails.

Based on current electricity pricing in Italy, 28 MW of solar capacity at
production stage could generate approximately €3.5 million in annual revenue,
with an estimated net operating income of approximately €3.1 million per year.
Operational solar assets of this scale could reasonably command a valuation of
approximately €40 million, implying an anticipated capital payback period of
around eight years.

Looking ahead, if the Company’s existing solar development portfolio of
approximately 163.5 MWp is successfully advanced through development and brought
into production, the portfolio could generate approximately €40 million in
annual revenue under current energy pricing conditions, with a potential
portfolio valuation, subject to independent review, in excess of €200 million.
This indicative valuation relates to the potential value of a fully constructed
and operational portfolio, and should not be confused with the existing value of
the Company’s development-stage solar pipeline, which was previously
independently valued at €27.5 million for 110.5 MWp at Ready-to-Build stage
(prior to the Company’s most recent acquisitions) and is currently being
reappraised to reflect the expanded portfolio of 163.5 MWp.”

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

668240_13.03.2026 RNS Norway .pdf