Zenith Energy expands into solar with Italian asset acquisitions

LONDON - Zenith Energy Ltd. (LSE:ZEN; OSE:ZENA; PINK MARKET:ZENAF), an international energy production and development company, has announced the acquisition of three solar energy production assets in Italy through its subsidiary WESOLAR S.R.L. This move marks the company’s expansion into renewable energy alongside its existing energy portfolio.

The acquisitions include two ready-to-build solar projects in the Lazio region, each with a potential output of 1 megawatt peak (MWp), covering a total land area of 6 hectares for EUR 400,000. An estimated EUR 1.3 million investment is anticipated for the installation and commissioning of the photovoltaic infrastructure for these projects, which have already secured all necessary permits.

Additionally, Zenith has agreed to purchase approximately 13.5 hectares of agricultural land in Piedmont for EUR 900,000 to develop a 7 MWp agrivoltaic project, which integrates agriculture with solar energy production. The installation and commissioning of this project are expected to require an investment of around EUR 3.5 million. The commencement of production activities is projected within a year, pending the acquisition of permits and successful due diligence.

The company has also completed the acquisition of a 0.5 MWp solar energy project in Liguria for EUR 110,000. The current gross annual revenue for this project is approximately EUR 30,000, with a payback time of around four years using existing infrastructure. Plans for infrastructural upgrades aim to increase annual gross revenue to about EUR 100,000.

Zenith had previously announced the acquisition of a 3.29 MW project in Sicily, which has now been terminated.

Andrea Cattaneo, CEO of Zenith Energy, stated that the completion of the Ligurian Acquisition is a significant step in becoming a cash-generating renewable energy producer. The company’s strategy aims to build a 20 MWp capacity portfolio by the end of 2025, with intentions to generate profits and dividends for shareholders.

This expansion into solar energy reflects Zenith’s broader strategic vision and aligns with recent Italian regulatory changes that encourage the combination of renewable energy production with sustainable agricultural practices.

The information in this article is based on a press release statement from Zenith Energy Ltd.

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