February 2, 2026
ZENITH ENERGY LTD.
("Zenith" or the "Company")
Acquisition of Solar Energy Project in Piedmont
Zenith Energy Ltd. ("Zenith" or the "Company") (LSE: ZEN; OSE: ZENA; XSAT:ZENASDR), the listed international energy production and development company, ispleased to announce the acquisition of an agrivoltaic project at developmentstage located in the Piedmont region of Italy (the "Acquisition"), through itswholly-owned Italian subsidiary, responsible for managing its solar energyportfolio, WESOLAR S.R.L. ("WESOLAR").
Overview of the Acquisition
o The Acquisition comprises a photovoltaic solar energy production projectlocated in the Piedmont region, with an expected installed capacity ofapproximately 10 MWp.
o The Acquisition is classified as being in the development stage.
o Piedmont, and particularly the Province of Alessandria, where the new plantwill be developed, is one of the most industrialised areas in Italy. Thischaracteristic makes the sale of electricity from renewable sourcesparticularlyprofitable, due to strong local energy demand. Demand to acquire this type ofproject remains consistently high.
o This additional acquisition in Piedmont enables Zenith to furtherconsolidateits significant presence in the region, where approximately 60 MWp of projectsare already under development, while at the same time complementing theCompany's existing pipeline in Piedmont, Puglia and Lazio.
o Italy stands out as one of the world's leading countries in the developmentand implementation of photovoltaic technology.
o The Company expects the project to reach Ready-to-Build status within thenext12-15 months.
o The consideration for the acquisition of the land for the new projectamountsto EUR 768,215.00, conditional upon the achievement of all necessary permitstoreach Ready-to-Build status.
Advanced negotiations are currently underway for the acquisition of twoadditional projects.
Strategy Overview
In the solar energy industry, a "pipeline" refers to the aggregate portfolioofdevelopment projects being actively advanced toward construction day afterday.Zenith's pipeline is composed of projects progressing daily through design,permitting, and grid-connection milestones, moving step by step towardReady-to-Build ("RtB") status. This expanding portfolio carries tangiblemarketvalue, which typically increases as projects mature and de-risk throughsuccessive development stages.
As previously announced in the Company's regulatory news announcement datedDecember 4, 2025, Zenith received the results of an independent valuation ofitsexisting solar energy development pipeline (the "Pipeline"). At that time, thepipeline totalled 110.5 MWp and was independently valued at EUR27,500,000.00.
Since the independent valuation was completed, Zenith's solar portfolio hasincreased to 120.5 MWp as of February 2, 2026. Accordingly, the previouslyannounced independent valuation does not reflect the additional capacityacquired since that date. The Company believes that the increase in portfoliocapacity provides further support for the value-creation potential of itsrenewable energy development activities, although no updated independentvaluation has been published for the enlarged portfolio.
Zenith intends to maintain a balanced approach across its Italian portfolio,progressing projects toward RtB status while selectively assessingopportunitiesto monetise portions of the development pipeline with professionalcounterparties, and to construct selected assets to establish tangible andrecurring electricity production revenue.Overview of Zenith Energy's Solar Portfolio (as of February 2, 2026)
Project / Stage Capacity (MWp) Status NotesLiguria Solar Asset 0.5 Production Upgrade Currently producing 0.2MWp, upgradeto 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 onAugust 27, 2025,installed capacity has been increased to 7 MWp from 5 MWp.Piedmont Agrivoltaic Development Projects 30.0 Development Acquisitioncomprising of various agrivoltaics projects announced on August 11, 2025.Piedmont PV Development Project 10.0 Development Originally anAgrivoltaicproject, subsequently reclassified to conventional solar energy as announcedonAugust 22, 2025.Piedmont Agrivoltaic Development Project 18.0 Development Acquisition signed andannounced on October 19, 2025.Piedmont Advanced Agrivoltaic Development Project 10.0 Development Acquisitionannounced on February 2, 2026. Located in Castelnuovo Scrivia, Province ofAlessandria. Expected RtB within 12-15 months.Puglia Solar Asset 3.0 Ready-to-Build All permits obtained, gridconnectionready, announced on July 30, 2025.Puglia Development Asset 6.0 Development Acquisition signed andannounced onSeptember 16, 2025.Puglia Solar Development (PV + BESS) 10.0 Development Acquisitionsigned onOctober 9, 2025, of development project of approx. 10 MWp and a BESS projectwith a capacity of up to approx. 10 MW.Puglia PV Development 4.0 Development Acquisition signed andannounced onOctober 19, 2025. Includes a BESS project with a capacity of up to approx. 2MW.Puglia PV Development 12.0 Development Acquisition signed andannounced onNovember 17, 2025. Includes a BESS project with a capacity of up to approx. 3MW.Total Portfolio 120.5
Andrea Cattaneo, Chief Executive Officer of Zenith Energy, commented:
"We are pleased to have secured an additional agrivoltaic development projectinPiedmont, further strengthening Zenith's footprint in a high-demand industrialarea in the Province of Alessandria. This acquisition reflects our continuedfocus on building a high-quality Italian solar pipeline and advancing itefficiently through permitting and grid-connection milestones.
With this latest addition, Zenith's Italian solar portfolio increases to 120.5MWp, reinforcing the scale and strategic positioning of our regional clustersacross Piedmont, Puglia and Lazio.We believe we can reach a portfolio of 200 MWp by the end of 2026, whilemaintaining at the same time the strict discipline we adopted in 2025 in thechoice of locations.
Our priority remains to progress projects toward Ready-to-Build status,enablingus to both realise near-term value through selective monetisation and toconstruct selected assets to generate tangible and recurring productionrevenue."
Further Information:Zenith Energy Ltd
Andrea Cattaneo, Chief Executive Officer Tel: +1 (587) 315 1279E: info@zenithenergy.ca
Notes to Editors:
Zenith Energy Ltd. is a revenue generating, independent energy company with energy production, exploration and development assets in North Africa, the US and Europe. The Company is listed on the London Stock Exchange Main Market LSE:ZEN, the Euronext Growth of the Oslo Stock Exchange (OSE: ZENA) and on the Spotlight Stock Market in Sweden (XSAT: ZENA SDR).
Zenith's strategic focus is on pursuing development opportunities through thedevelopment of proven revenue generating energy production assets, as well aslow-risk exploration activities in assets with existing production.
For more information, please visit: www.zenithenergy.caTwitter: @zenithenergyltdLinkedIn: https://bit.ly/3A5PRJb
Market Abuse Regulation (MAR) Disclosure
This information is subject to the disclosure requirements of Article 17 oftheEU Market Abuse Regulation ("MAR"). The information was submitted forpublication by the contact person.
https://newsweb.oslobors.no/message/664606