Zenith Energy Expands Italian Solar Portfolio with New Piedmont Acquisition

Zenith Energy adds a 10 MWp agrivoltaic project in Piedmont – here’s why that matters

Zenith Energy has picked up another Italian solar development, securing a 10.0 MWp agrivoltaic project in Piedmont via its wholly owned subsidiary WESOLAR S.R.L. The project sits in Castelnuovo Scrivia, Province of Alessandria – a notably industrial area with strong electricity demand.

It’s still at the development stage, but the company expects it to reach Ready-to-Build (RtB) status within 12-15 months. The consideration for the land is €768,215.00, and crucially it is conditional on all permits being achieved to reach RtB. Advanced negotiations are also under way for two additional projects, albeit without disclosed details.

Quick deal snapshot: capacity, location, and terms

Item	Detail
Project	Piedmont Advanced Agrivoltaic Development Project
Capacity	10.0 MWp
Location	Castelnuovo Scrivia, Province of Alessandria, Piedmont (Italy)
Stage	Development
Expected RtB	12-15 months
Consideration	€768,215.00 (for land, conditional on permits to reach RtB)
Subsidiary	WESOLAR S.R.L.

Why Piedmont and why now

Piedmont, and Alessandria in particular, is one of Italy’s most industrialised areas. That tends to translate into stronger wholesale power pricing and robust offtake demand. The RNS leans into this: sale of renewable electricity is described as “particularly profitable,” and there’s “consistently high” demand from buyers for projects of this type.

Strategically, Zenith is building regional clusters across Piedmont, Puglia, and Lazio. Today’s move adds to an already sizeable Piedmont pipeline and strengthens its footprint where grid, permitting, and industrial buyers can create a supportive environment for development value.

Pipeline growth and valuation context

On 4 December 2025, Zenith reported an independent valuation of its solar development pipeline of 110.5 MWp at €27,500,000.00. Since then, the portfolio has grown to 120.5 MWp as of 2 February 2026. There’s no updated independent valuation for the enlarged portfolio, but the company’s message is clear: more megawatts in the pipeline should support value-creation potential as projects mature.

Management also signals ambition: a target to reach a 200 MWp portfolio by the end of 2026, while maintaining location discipline. That’s an intention, not guidance, but it gives a feel for the scale Zenith is aiming for.

How Zenith plans to make money from the pipeline

Zenith’s approach is balanced. Projects are advanced step-by-step to RtB – the point at which permits and grid connection are secured and a project is effectively shovel-ready. From there, the company can:

• Monetise RtB projects by selling to “professional counterparties” (a common route to crystallise development value), and/or
• Build and operate selected assets to generate recurring power sales revenue.

In plain terms: development de-risks and lifts the project’s market value; Zenith can then sell some and keep some, which can help recycle capital and build a cash-generative base.

Portfolio snapshot: 120.5 MWp across Italy

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 (10 MWp) announced Aug 6, 2025.
Lazio Agrivoltaic Project 2	7.0	Development	First announced Aug 27, 2025; increased from 5 MWp to 7 MWp.
Piedmont Agrivoltaic Development Projects	30.0	Development	Various agrivoltaics projects announced Aug 11, 2025.
Piedmont PV Development Project	10.0	Development	Originally agrivoltaic; reclassified to conventional solar on Aug 22, 2025.
Piedmont Agrivoltaic Development Project	18.0	Development	Acquisition signed and announced Oct 19, 2025.
Piedmont Advanced Agrivoltaic Development Project	10.0	Development	Announced Feb 2, 2026; in Alessandria; expected RtB in 12-15 months.
Puglia Solar Asset	3.0	Ready-to-Build	All permits obtained; grid connection ready; announced Jul 30, 2025.
Puglia Development Asset	6.0	Development	Acquisition signed and announced Sep 16, 2025.
Puglia Solar Development (PV + BESS)	10.0	Development	Signed Oct 9, 2025; includes a BESS up to approx. 10 MW.
Puglia PV Development	4.0	Development	Signed and announced Oct 19, 2025; includes a BESS up to approx. 2 MW.
Puglia PV Development	12.0	Development	Signed and announced Nov 17, 2025; includes a BESS up to approx. 3 MW.

Total portfolio: 120.5 MWp (as of 2 February 2026).

The positives and the watch-outs

What looks encouraging

• Clustering in high-demand areas: Alessandria’s industrial base should underpin attractive offtake dynamics.
• De-risked spend: the €768,215.00 land consideration is conditional on permitting to RtB, aligning cash outlay with progress.
• Growing scale: portfolio up to 120.5 MWp, with a stated ambition to reach 200 MWp by end-2026.
• Optionality: RtB sales can realise near-term cash; self-builds can create recurring revenue.

What to monitor

• Permitting and grid timings: the 12-15 month RtB target for the new Piedmont project is a key execution milestone.
• Funding pathways: the RNS does not disclose build capex plans or financing structures for construction – not disclosed.
• Valuation update: the last independent valuation was at 110.5 MWp; no updated figure for 120.5 MWp – not disclosed.
• Deals pipeline: negotiations for two additional projects are ongoing, but size, location, and terms are not disclosed.

My take: a sensible bolt-on that deepens an Italian stronghold

This is a tidy addition that fits Zenith’s playbook: grow an Italian solar pipeline in regions where demand supports value at RtB and in operation. The conditional land cost limits early risk, and the RtB timeline is reasonable for Italy’s permitting cadence.

The bigger picture is about momentum and monetisation. If Zenith keeps converting projects to RtB, there are two obvious catalysts: selective sales that surface cash and margins, and the decision to build the most attractive sites to anchor recurring revenue. The stated 200 MWp goal is punchy but directionally aligned with today’s step-up.

Risks remain standard for development: permits, grid, and capital allocation. With one asset producing (Liguria, upgrading to 0.5 MWp) and one RtB in Puglia at 3.0 MWp, the near-term watchlist is clear: RtB conversions, any asset sales, and clarity on construction funding. On balance, today’s RNS reads positively for scale, strategy, and optionality.

Jargon buster

• Agrivoltaic: solar installations co-located with agriculture, designed to enable energy generation alongside farming activity.
• Ready-to-Build (RtB): a milestone where permitting and grid connection are secured, making a project shovel-ready and typically much more valuable to buyers or lenders.