Zenith Energy (LSE:ZEN) has agreed to acquire a 5 MWp photovoltaic development project in Puglia, Italy, for total consideration of EUR 575,000, adding a late-stage development site to its Italian solar pipeline.
The land covers approximately five hectares acquired at approximately €115,000 per hectare and lies roughly 300 metres from a Zenith project with an accepted grid connection and an expected activation timeline of 90 working days.
"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," Andrea Cattaneo, Chief Executive Officer, said.
Payment of the EUR 575,000 consideration will be made upon securing all required permits and achieving Ready-to-Build status, and the company says the addition is expected to support further value creation as projects advance through permitting, Ready-to-Build and construction stages.
Following completion the company's solar development pipeline increases to 178.5 MWp from 173.5 MWp in the independent valuation dated 31 March, which assigned the portfolio a total value of EUR 54.7 million.
