Fully Funded Italian Solar Expansion: Construction of 7 MWp Puglia Solar Plant to Commence July 2026

22 Mar 2026 23:51 CET

March 22, 2026

ZENITH ENERGY LTD.

Fully Funded Italian Solar Expansion:
Construction of 7 MWp Puglia Plant to Commence July 2026

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 a major milestone in the execution of its Italian renewable energy
development and production strategy, with construction of its 7 MWp solar plants
in the Puglia region (together the “Under Construction Portfolio” or “UCP”) now
scheduled to commence in early July 2026.

With grid connectivity fully secured and construction financing now in place,
Zenith has successfully de-risked the development phase of the project and is
positioned to rapidly advance into construction. This milestone underscores the
Company’s ability to efficiently originate, finance, and execute high-value
renewable energy projects, accelerating the growth of its solar portfolio and
reinforcing its strategy to deliver scalable, long-term shareholder value.

UCP Highlights

• The UCP comprises of three solar plants in Puglia with a total capacity of 7
MWp.
• Construction is scheduled to commence in the first week of July 2026.
• All required grid connectivity has been successfully obtained.
• Financing to cover 85% of both land acquisition and construction costs is
fully arranged.

UCP Economics and Key Metrics

• Total UCP land acquisition costs amount to EUR 720,000 and construction costs
are expected to be approximately EUR 3,150,000, giving a total of approximately
EUR 3.87 million. Zenith will contribute 15% (approximately EUR 580,500), with
the balance financed externally.
• Upon completion, the UCP is expected to generate approximately 11.2 GWh of
electricity annually, based on a Southern Italy yield assumption of
approximately 1,600 kWh/kWp/year, implying a capacity of approximately 7 MWp.
• The UCP is projected to generate gross revenue of approximately EUR 14.8
million over the first 10 years (c. EUR 1.48 million per annum), based on an
implied electricity price of approximately €0.13/kWh, subject to prevailing
market conditions or contracted PPA terms.
• The estimated sale value of the UCP once fully operational is approximately
EUR 9.1 million, equivalent to EUR 1.3 million per MWp.



Andrea Cattaneo, Chief Executive Officer, commented:

“The commencement of construction marks a significant milestone for Zenith as we
transform development-stage assets into production assets within our Italian
solar portfolio.

The UCP demonstrates the strength and scalability of the platform we have built.
With total acquisition and development costs of approximately EUR 3,870,000, the
UCP is expected to generate around EUR 1,480,000 in gross annual revenue,
supporting a compelling payback profile and attractive long-term returns.

It is to be underlined that Zenith has secured exposure to an asset with an
estimated resale value of approximately EUR 9.1 million, supported by an initial
capital contribution of only EUR 580,500. This highlights the capital efficiency
of our strategy and the strong appetite in the market to finance our solar
growth.

We also retain the flexibility to monetise part or all of the portfolio at a
premium, enabling us to recycle capital into further high-return opportunities
across our solar pipeline.”


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.

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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