Zenith Energy, the listed international energy production and development company, today announced the signing of an agreement to acquire a solar energy development project located in the Puglia region of Italy by its wholly-owned Italian subsidiary created to manage its solar energy portfolio, WESOLAR.

Key Highlights

• The Puglia Acquisition will have a total installed capacity of approximately 6 MWp.
• The Puglia Acquisition is categorised as being at 'Development' stage.
• Puglia is one of Italy's most favourable regions for solar energy, having higher solar irradiation hours compared to other regions. This results in a superior economic yield for solar energy plants.
• The Puglia Acquisition enables Zenith to consolidate its presence in Puglia, while at the same time complementing its established pipeline in Piedmont and Lazio. Together, these acquisitions provide the Company with significant development portfolios in Puglia, Lazio and Piedmont, three of Italy's most attractive and strategically important regions for solar energy.
• The consideration for the Puglia Acquisition is EUR 750,000, which includes the purchase of the land hosting the Puglia Acquisition, and will be conditional to the achievement of all the necessary permits for it to achieve 'Ready-to-Build' categorisation.

Andrea Cattaneo, Chief Executive Officer of Zenith Energy, commented:
"The addition of a second solar energy project in Puglia increases our regional development capacity to 9 MWp and marks a further step in strengthening Zenith's Italian solar portfolio.

Together with our development pipeline in Piedmont and Lazio, the Puglia Acquisition establishes three development clusters in the most attractive regions of Italy for solar energy production. This cluster approach is expected to drive operating efficiencies, improve development and construction economics, and enhance long-term portfolio value.

We remain focused on a disciplined, step-by-step strategy to build a diversified, scalable and cash-generative solar portfolio.

We will continue to grow assets under management as opportunities arise to build an operation with substantial realisable value that delivers sustainable value for shareholders."

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