Zenith Energy Acquires 28 MWp Solar Projects in Italy, Nearing 200 MWp Pipeline Goal

Zenith Energy’s latest Italian solar deal: 28 MWp added, pipeline now 163.5 MWp

Zenith Energy has picked up two agrivoltaic solar development projects in Italy’s Piedmont region, adding 28 MWp of expected capacity (23 MWp and 5 MWp). The company has also lined up land for a 5 MW battery energy storage system (BESS) to smooth output and support the grid. With this move, Zenith’s solar development pipeline climbs to approximately 163.5 MWp – around 82% of its stated 200 MWp target by the end of 2026.

Agrivoltaic projects combine agriculture with solar panels to optimise land use. These new assets are still in development, with a target of achieving Ready-to-Build (RtB) status by March 2028. RtB is the point at which permits are secured and the project is fully permitted to begin construction.

Deal terms and project specifics investors should note

Item	Detail
Projects acquired	Two agrivoltaic developments in Piedmont, Italy
Expected capacity	Approximately 23 MWp and 5 MWp (total 28 MWp)
BESS	Land secured for an integrated 5 MW system
Stage	Development; targeting RtB by March 2028
Consideration	€2,016,000 cumulative, payable on securing permits and achieving RtB
Pipeline post-deal	Approximately 163.5 MWp (about 82% of 200 MWp goal)
Piedmont cluster	Now about 100 MWp of projects in the region

The payment structure is noteworthy: the €2,016,000 consideration is due only once the projects hit RtB. That defers cash outlay and shifts more development risk to the vendors until permits are in hand – investor friendly, provided the projects reach that milestone.

Why Piedmont and agrivoltaics matter to the strategy

Zenith is clearly pursuing a regional cluster strategy in Piedmont, which can lower development costs, streamline grid-connection work and build local stakeholder relationships. Italy is flagged as a global leader in agrivoltaics, so aligning with a supportive market is sensible.

Including these assets, Zenith says it now controls roughly 100 MWp in Piedmont alone. Concentration makes it easier to scale construction and operations later – and the planned 5 MW BESS enhances the commercial profile by helping to dispatch power when it is most valuable.

How the economics might stack up (management’s illustrations)

Zenith’s CEO provides some back-of-the-envelope markers based on current Italian power prices:

• 28 MW of operational solar could generate around €3.5 million in annual revenue, with an estimated €3.1 million net operating income.
• Such an operational package could be valued at roughly €40 million, equating to an indicative eight-year capital payback period.
• If the full 163.5 MWp portfolio were built and producing, it could generate approximately €40 million in annual revenue and – subject to independent review – carry a potential portfolio valuation in excess of €200 million.

Important context: these numbers relate to fully built and operating assets under current pricing conditions. They are not a value for the present development-stage pipeline. As previously disclosed on 4 December 2025, an independent valuation put Zenith’s 110.5 MWp solar pipeline at €27.5 million at RtB. An updated independent valuation has been commissioned to reflect the expanded 163.5 MWp pipeline.

Pipeline quality check: where the growth is coming from

Zenith’s portfolio spans several Italian regions, with a mix of early-stage development and near-term starters. Highlights from the RNS:

• Liguria: a small producing asset (0.2 MWp today) planned to be upgraded to 0.5 MWp.
• Lazio: two agrivoltaic projects of 10.0 MWp and 8.0 MWp in development.
• Piedmont: multiple agrivoltaic and PV projects including today’s 23.0 MWp and 5.0 MWp additions, plus earlier acquisitions (10.0 MWp, 19.0 MWp, 10.0 MWp, 30.0 MWp).
• Puglia: a mix of PV and PV + BESS projects. Notably, “Andria-1” (3.0 MWp) and “Andria 3 and Andria 4” (4.0 MWp) are at RtB/tendering and target construction from July 2026. Several other Puglia projects (6.0 MWp, 10.0 MWp, 10.0 MWp, 5.0 MWp) are in development.

This blend offers both long-dated optionality (the new Piedmont projects reaching RtB by March 2028) and nearer-term catalysts in Puglia, where some assets are already at RtB/tendering.

What I like, and where I’m cautious

Positives

• Cost discipline: the €2,016,000 consideration is only due at RtB. That reduces upfront cash burn and aligns payments with de-risking.
• Strategic clustering: around 100 MWp in Piedmont creates scale advantages and could support better grid and permitting outcomes.
• Clear pathway to monetisation: Zenith plans to advance to RtB and selectively sell some projects, recycling proceeds into building and operating others. That is a common and sensible model in European solar development.
• Storage integration: provision for a 5 MW BESS is a smart addition that can enhance revenue stability and grid friendliness.

Watch-outs

• Timeline to RtB: the new projects are aiming for RtB by March 2028 – a long road from here, with permitting and grid-connection risks to manage.
• Market sensitivity: the CEO’s revenue and valuation examples rely on “current electricity pricing in Italy”. Power prices can move materially over multi-year horizons.
• Execution load: a 163.5 MWp pipeline across several regions requires tight project management and funding discipline to hit milestones.
• Disclosure gaps: counterparties, detailed permitting steps and financing plans for construction are not disclosed.

Key numbers at a glance

Metric	Figure
New capacity acquired	28 MWp (23 MWp + 5 MWp)
Total consideration	€2,016,000 (payable at RtB)
Target RtB date	March 2028
Integrated storage	5 MW BESS (land secured)
Solar pipeline post-deal	Approximately 163.5 MWp
Progress toward 200 MWp goal	About 82%
Piedmont regional cluster	Approximately 100 MWp
Prior independent valuation	€27.5 million for 110.5 MWp at RtB (Dec 2025)

Near-term catalysts to watch

• Updated independent valuation covering the enlarged 163.5 MWp pipeline.
• Puglia construction start targets from July 2026 for RtB assets (“Andria-1”, “Andria 3 and Andria 4”).
• Permitting progress updates across the Piedmont portfolio, including grid-connection milestones.
• Any asset sales at or post-RtB to demonstrate the monetisation strategy.

Bottom line: constructive step, with the usual development caveats

This is billed as Zenith’s single largest solar acquisition since entering the sector and it meaningfully advances the 200 MWp pipeline goal. The deferred consideration and clustering strategy are both sensible. If management executes – pushing near-term Puglia projects into build and steadily de-risking Piedmont – the intrinsic value of the pipeline should rise, as evidenced by the prior independent valuation framework.

The long lead time to RtB for today’s assets and exposure to future power prices are the main risks. For investors, this update reinforces a story that is increasingly about disciplined development, selective sales, and building a recurring power generation base in Italy. I’d mark this RNS as strategically positive, with execution the key swing factor from here.