Zenith Energy (LSE:ZEN) is acquiring an additional 5 megawatt-peak (MWp) ground-mounted photovoltaic (PV) development project located in Rome, Italy.
The PV project brings Zenith Energy’s total solar development pipeline to 188.5MWp, representing 94% of the company’s 200MWp target for 2026.
Under the acquisition, Zenith Energy will pay €440,000 ($718,221) for the project.
CEO Andrea Cattaneo says Rome is one of the most “strategically significant” locations identified since launching the company’s Italian solar program.
“In just 18 months, we have established a substantial solar development portfolio in Italy by leveraging the operational expertise and market knowledge developed through more than a decade of electricity production activities in the country,” Cattaneo says.
“We are now approaching an important milestone with the expected commissioning of our first solar plant in Puglia during Q3 2026, which we believe will provide a catalyst for the next independent valuation of our solar portfolio.
“The portfolio was independently valued at €54.7 million as at 31 March 2026, based on 173.5 MWp of projects. With the pipeline now expanded to 188.5MWp and continuing to grow, we believe there is considerable scope for further value creation as projects continue to advance through development.”
Immediate milestones
The most immediate milestone for Zenith Energy is to complete its first operational asset cluster, comprising three solar plants in Puglia with a combined capacity of 7MWp.
Upon commissioning, the cluster will represent the first projects Zenith has taken from acquisition through to electricity production. It will also mark the company’s transition to a renewable energy producer with operating revenues.
Cattaneo adds that Zenith Energy is evaluating a potential disposal of one of its development projects to a leading national renewable energy operator.
“If completed, the transaction would be consistent with our strategy of selectively monetising assets to realise value and organically redeploy capital into the development and construction of additional projects across our portfolio,” the CEO says.
“We continue to identify and secure high-quality development opportunities at attractive entry valuations and remain very confident in the long-term growth prospects of our Italian solar business, underpinned by favourable electricity price fundamentals and the increasing strategic importance of renewable energy generation in Italy.”
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
Images: Zenith Energy
