MILAN: Zenith Energy Ltd. has acquired a 5 MWp photovoltaic development project in the Puglia region of southern Italy, the company announced Tuesday, expanding its solar development pipeline to 178.5 MWp.
The acquisition includes about 5 hectares of land near a motorway in an area classified as suitable for solar PV development under Italian regulations. The purchase price was approximately €115,000 per hectare, or €575,000 total, Zenith said. Payment will be made only after all required permits are secured and the site achieves Ready-to-Build status.
The project is located roughly 300 meters from another Zenith development site that has already secured grid connection, with activation expected within 90 working days.
The company plans to develop a solar PV plant with an expected installed capacity of approximately 5 MWp at the site.
The acquisition increases Zenith’s development pipeline from the 173.5 MWp reported in an independent valuation as of March 31, 2026, which assigned a total value of €54.7 million to the portfolio.
“With a combined installed capacity of 5 MWp, the project increases Zenith’s solar development pipeline to 178.5 MWp and adds further exposure to the Puglia market,” said Andrea Cattaneo, chief executive officer. “This acquisition aligns with our strategy of prioritising projects with short development timelines and near-term revenue potential.”
Zenith Energy trades on the London Stock Exchange under the symbol ZEN, on the Oslo Stock Exchange as ZENA, and on the XSAT exchange as ZENA SDR.