Zenith Energy (LSE:ZEN), the LSE and Oslo-listed energy production and development company, has acquired a 4.5 MWp ground-mounted solar development site in the Metropolitan City of Rome.
The deal takes Zenith's Italian solar pipeline to 193 MWp, just short of the 200 MWp target the company has set for 2026.
The 4.5-hectare site sits on the A1 motorway corridor north of Rome, next to an established industrial area with access to major transport infrastructure.
Zenith paid EUR 70,000 per hectare, for total land consideration of EUR 315,000, payable only once permits are secured and the project reaches Ready-to-Build status, consistent with the company's capital-light acquisition model.
Construction began on the first of three plants in Puglia on 30 June, with all three, comprising a 7 MWp under-construction portfolio, expected to be connected to the grid by the end of the year, marking Zenith's shift to a revenue-generating electricity producer.
Chief executive Andrea Cattaneo said the group expects its next independent valuation to rise materially from the EUR 54.7 million reported as at 31 March, reflecting pipeline growth and construction progress.
"We are also in advanced discussions regarding the potential disposal of one development project to a leading national renewable energy operator," Cattaneo said, adding that Zenith is also targeting sub-1 MWp projects that qualify automatically for support under Italy's new EUR 23 billion FER X incentive scheme.
Commissioning of the Puglia plants remains targeted before year-end.
