Zenith Energy (LSE:ZEN) is acquiring an additional 4.5-megawatt-peak (MWp) ground-mounted photovoltaic development project located within Rome in Italy.
With construction underway on the company’s first solar plants in Puglia, Zenith continues to build its Italian pipeline towards the 200MWp target, acquiring a second site at €70,000 ($115,150) per hectare.
CEO Andrea Cattaneo says a second acquisition increases the company’s development pipeline to 193MWp and shows the strong momentum of its acquisition strategy.
“Construction is now underway across all three Puglia projects, with commissioning and grid connection targeted before year end,” Cattaneo says.
“As a result, we expect the next independent valuation to increase materially from the €54.7 million reported as at 31 March 2026, reflecting both the expansion of the development portfolio and the value created through the commencement of construction.
“We are also in advanced discussions regarding the potential disposal of one development project to a leading national renewable energy operator. If completed, such a transaction would validate Zenith’s acquisition strategy and demonstrate our ability to create value through successful project origination and development, while generating capital for reinvestment into further acquisitions and the continued expansion of our portfolio.”
Cattaneo adds the recently approved €23 billion FER X incentive scheme represents an additional growth opportunity.
“Under the new framework, photovoltaic projects below one megawatt per hour qualify automatically for state support without the need to participate in competitive auctions, and we are actively pursuing acquisitions within this segment” the CEO says.
“Italy continues to offer an attractive environment for solar development, supported by favourable long-term electricity market fundamentals and a strong regulatory commitment to accelerating the country’s energy transition.”
In June, Zenith Energy acquired an additional 5MWp ground-mounted photovoltaic development project in Rome. The company paid €440,000 for the project.
Zenith Energy is an independent energy company focused on numerous assets in North Africa, the US, and Europe.
Write to Aaliyah Rogan at Mining.com.au
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