Acquisition of PV development project in Rome, Italy

08 Jun 2026 02:16 CEST

June 8, 2026

ZENITH ENERGY LTD.

(“Zenith” or the “Company”)

Acquisition of PV development project in Rome, Italy

Zenith Energy Ltd. (LSE: ZEN; OSE: ZENA; XSAT: ZENA SDR), the international
energy production and development company, is pleased to announce the
acquisition of an additional 5 MWp ground-mounted photovoltaic development
project located within the Metropolitan City of Rome in the Lazio region of
Italy (the “Rome PV Project”).

This acquisition further strengthens Zenith's growing Italian renewable energy
portfolio and represents another important step towards the Company's stated
objective of exceeding 200 MWp of solar development capacity by the end of 2026.

Highlights

• The Rome PV Project brings Zenith's total solar development pipeline to 188.5
MWp, representing 94% of the Company's 200 MWp target for 2026.

• The site occupies a strategically prime location on the A1 motorway corridor
north of Rome, adjacent to an established industrial area and connected to
Central and Northern Italy's major transport infrastructure.

• Consideration is payable only upon securing all required permits and achieving
Ready-to-Build status, in line with the Company's capital-efficient acquisition
model.

• The total land consideration for the Rome PV Project is EUR 440,000.

Solar Development Strategy

The acquisition of the Rome PV Project increases Zenith's solar development
pipeline to 188.5 MWp, marking substantial progress in the execution of the
Company's solar strategy since its launch eighteen months ago and building upon
more than a decade of operational experience in Italy's electricity sector.

In the Company's most recent independent valuation as at March 31, 2026, 173.5
MWp of the pipeline was assigned a value of EUR 54.7 million. With the pipeline
now expanded to 188.5 MWp and continuing to grow, the Company expects this
valuation to increase materially when it is next updated.

The most immediate milestone for the Company is the completion of its first
operational asset cluster, comprising three solar plants in Puglia with a
combined capacity of 7 MWp. Construction is expected to commence in July 2026,
with commissioning targeted for Q3 2026. Upon commissioning, the cluster will
represent the first projects Zenith has taken from acquisition through to
electricity production and will mark the Company's transition to a renewable
energy producer with operating revenues.

Andrea Cattaneo, Chief Executive Officer, commented:

"Rome is one of the most strategically significant locations we have identified
since launching our Italian solar programme, and this acquisition increases our
development pipeline to 188.5 MWp, bringing us closer to our stated target of
200 MWp for 2026.

In just eighteen months, we have established a substantial solar development
portfolio in Italy by leveraging the operational expertise and market knowledge
developed through more than a decade of electricity production activities in the
country. We are now approaching an important milestone with the expected
commissioning of our first solar plant in Puglia during Q3 2026, which we
believe will provide a catalyst for the next independent valuation of our solar
portfolio.

The portfolio was independently valued at EUR 54.7 million as at 31 March 2026,
based on 173.5 MWp of projects. With the pipeline now expanded to 188.5 MWp and
continuing to grow, we believe there is considerable scope for further value
creation as projects continue to advance through development.

In addition, we are evaluating a potential disposal of one of our development
projects to a leading national renewable energy operator. If completed, the
transaction would be consistent with our strategy of selectively monetising
assets to realise value and organically redeploy capital into the development
and construction of additional projects across our portfolio. We believe such a
transaction could unlock significant value for shareholders while providing
additional funding to accelerate the progression of other pipeline assets
towards production, and we look forward to updating the market as discussions
progress.

We continue to identify and secure high-quality development opportunities at
attractive entry valuations and remain very confident in the long-term growth
prospects of our Italian solar business, underpinned by favourable electricity
price fundamentals and the increasing strategic importance of renewable energy
generation in Italy."










Overview of Zenith Energy's solar portfolio as of June 8, 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 10.0 Development Acquisition announced on
March 20, 2026. Planned under PAS procedure.
Rome PV Development Project 5.0 Development Announced today.
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 Under Construction Construction starting
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 Under
Construction Construction starting 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 PV Development 2.5 Development Announced today.
Puglia Agrivoltaic Development 2.5 Development Announced today.
Puglia Photovoltaic Project (PV + BESS) 10.0 Development Acquisition announced
on March 5, 2025.
Puglia PV Project 5.0 Development Announced on April 23, 2026.
Total portfolio 188.5





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:
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