Increase in Solar Development Pipeline to 173.5MWp and Update on Italian Electricity Production

20 Mar 2026 01:15 CET

March 20, 2026

ZENITH ENERGY LTD.

("Zenith" or the "Company")

Increase in Solar Development Pipeline to 173.5MWp and
Update on Italian Electricity Production

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 agrivoltaic development project, with
an installed capacity of approximately 10 MWp, located in Lazio, Italy
(“Rieti-2”).

Overview of Rieti-2

• The Acquisition comprises an agrivoltaic project located in the Lazio region,
with an expected installed capacity of approximately 10 MWp.

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

• The total consideration for the Rieti 2 acquisition n is EUR 1,020,000,
payable upon securing all required permits and achieving Ready-to-Build ("RtB")
status at the conclusion of the development process.

• The project is expected to produce approximately 14–15 GWh of electricity per
year once in operation.

Solar Development Strategy

Following the acquisition of Rieti-2, Zenith’s solar development pipeline is now
in the total amount of 173.5MWp, all secured in less than 12 months. The Company
is currently awaiting an independent valuation of the portfolio, covering both
RtB and the value once the projects are fully operational (the “Valuation”). The
Valuation will be released via regulatory news as soon as it is received.

Italian Electricity Production

The Company continues to generate electricity at the Torrente Cigno concession
with an average monthly production of approximately 1,000 megawatt hours ("MWh")
during January and February 2026.

The Italian PUN Index electricity prices averaged EUR 132 per MWh in January
2026, EUR 114 per MWh in February and is tracking at approximately EUR 142 per
MWh for March 2026. On this basis, the average Italian reference electricity
price across January, February and March 2026 is currently approximately EUR 129
MWh.

Based on current pricing levels, the Company expects to generate gross revenues
of approximately EUR 140,000 for March 2026, bringing total gross revenues from
the Torrente Cigno concession to approximately EUR 370,000 for the first quarter
of 2026.


Andrea Cattaneo, Chief Executive Officer, commented:

“Recent tensions in the Middle East have driven Italian electricity prices above
EUR 140/MWh, highlighting the critical importance of increasing Europe’s
domestic energy production. In less than a year, Zenith has built a solar
development pipeline of nearly 175 MWp, and we expect to surpass our 2026 target
of 200 MWp before the end of the first half of the year. Upon reaching this
milestone, we intend to set a new, more ambitious target as we continue
expanding our solar portfolio.

It is encouraging to see the market beginning to recognise the value of our
solar business, with this increasingly reflected in our market capitalisation.
We remain focused on further portfolio growth and on unlocking additional value
in the near term.

As announced on February 28, 2026, the Company has commenced construction-phase
activities for the first assets within its Italian solar development pipeline.
Three solar projects located in the Puglia region of Italy, with a combined
capacity of 7 MWp, have been selected for construction. Based on typical solar
irradiation levels in Southern Italy and prevailing electricity prices, these
projects are expected to generate annual revenues of approximately EUR 1
million, with an estimated payback period of around 5-6 years, subject to market
conditions and operational performance.

Our priority remains to efficiently advance projects to Ready-to-Build status
and to continue developing a high-quality Italian solar portfolio capable of
supporting both selective asset monetisation and future recurring electricity
production revenues for the Company.”

Overview of Zenith Energy's solar portfolio as of March 20, 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
announced August 6, 2025.
Lazio Agrivoltaic Project 2 8.0 Development First announced August 27,
2025.
Lazio Agrivoltaic Development Project 9.7 Development Acquisition announced
on March 20, 2026. Planned under PAS procedure.
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 173.2








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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