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LONDON - Zenith Energy Ltd. (LSE:ZEN; OSE:ZENA) announced Wednesday it has acquired a development-stage agrivoltaic solar energy production project in the Lazio region of Italy through its wholly-owned subsidiary WESOLAR S.R.L.
The project will have an installed capacity of approximately 10 megawatt peak (MWp) and is expected to achieve Ready-to-Build status within the next 12 months, according to a company press release.
The consideration for the acquisition is €1,300,000, which includes the purchase of the land hosting the project. Payment is conditional upon obtaining all necessary permits to achieve Ready-to-Build status.
With this acquisition, Zenith’s solar energy portfolio now includes four assets: an operational 0.5 MWp Liguria asset (currently producing at 0.2 MWp), a Ready-to-Build 3 MWp Puglia asset, a 7 MWp development-stage agrivoltaic project in Piedmont, and the newly acquired 10 MWp development-stage project in Lazio.
Agrivoltaic technology integrates agricultural activities with solar energy production, allowing for dual use of land.
Andrea Cattaneo, Chief Executive Officer of Zenith Energy, stated that the acquisition represents the company’s largest to date and marks the early achievement of their strategic goal of building a 20 MWp production capacity portfolio by the end of 2025.
The company plans to utilize financing options specific to Italy’s solar sector to expand its portfolio while minimizing equity dilution, according to the press release statement.
Zenith Energy describes itself as a revenue-generating independent energy company with assets in North Africa, the US, and Europe.
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