REG - Zenith Energy Ltd - Acquisition of Solar Energy assets

About this update from Zenith Energy Ltd.

RNS Number : 3357E Zenith Energy Ltd 09 April 2025 April 9, 2025ZENITH ENERGY LTD.("Zenith" or the "Company")Acquisition of Solar Energy assetsZenith Energy Ltd. ("Zenith" or the "Company") (LSE: ZEN; OSE: ZENA; OTC PINK: ZENAF), the listed international energy production and development company, is pleased to announce that is has acquired two solar energy production assets in Italy, in the regions of Liguria and Sicily, and established an Italian subsidiary for the purposes of managing its new solar energy portfolio named WESOLAR S.R.L. ("WESOLAR").Ready-to-build Solar Energy Project in Sicily, Province of Ragusa, Italy - 3.29 MWWESOLAR has signed an agreement (the "Sicilian Acquisition") with an Italian company ENERCOS S.R.L. to acquire a 3.29 MW ready-to-build photovoltaic farm located in the Province of Ragusa, Sicily (the "Vittoria Project").Construction of the Vittoria Project is expected to commence prior to the close of 2025 following receipt of the necessary permitting approvals from the local authorities.The Sicilian Acquisition is conditional upon achievement of the necessary permits required for the Vittoria Project to be built and to become operational.The consideration for the Sicilian Acquisition is Euro 700,000. The Sicilian Acquisition also includes the purchase of 5.5 hectares of land hosting the Vittoria Project.Building and technical costs (the solar panels and equipment) for the Vittoria Project are estimated as approximately Euro 1.7 million.The Vittoria Project is strategically positioned in a highly advantageous geographic location, forecasted to generate approximately Euro 800,000 in annual revenue. The specific location of the Vittoria Project boasts an impressive average solar irradiation value of 2,775.33 kWh/m², ranking among the highest across Europe. In contrast, the Ligurian Acquisition is located in a region with an average solar irradiation value of approximately 1,753 kWh/m².Production costs for the Vittoria Project will be limited and confined to general maintenance.Solar Energy Project in Liguria, Italy - 0.5 MWWESOLAR has signed a binding agreement to acquire a solar energy production site located on the coastline of Liguria, with a current production capacity of 0.2 MW (the "Ligurian Acquisition"). The production capacity of the Ligurian Acquisition will be increased to 0.5 MW through the installation of additional p...

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