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LONDON - Zenith Energy Ltd. (LSE:ZEN; OSE:ZENA; XSAT:ZENA SDR) announced Thursday it has signed an agreement to acquire a solar energy development project in Italy’s Puglia region with approximately 10 MWp capacity.
The acquisition, made through its wholly-owned Italian subsidiary WESOLAR S.R.L., includes two hectares of land intended to host the company’s first battery energy storage system (BESS). The BESS will be designed to store electricity during low-price periods and sell it during higher-priced time-of-use tariff periods.
The total consideration for the acquisition amounts to €875,000, which includes the purchase of the associated land. Payment will be conditional upon obtaining necessary permits to reach ’Ready-to-Build’ status, which the company expects to achieve within 12-16 months.
This acquisition consolidates Zenith’s presence in Puglia and complements its existing development pipeline in Piedmont and Lazio regions. With this addition, Zenith’s total solar portfolio now reaches 74.5 MWp across various development stages.
Puglia is considered one of Italy’s most favorable regions for solar power generation due to its high solar irradiation levels, which deliver superior economic yield for photovoltaic projects.
Andrea Cattaneo, Chief Executive Officer of Zenith Energy, stated that the planned development of the BESS project "represents an important milestone in strengthening our commercial positioning within the evolving energy market."
The information is based on a company press release statement issued Thursday.
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