Zenith Energy told investors that an independent valuation of its Italian solar development pipeline has risen to EUR85.6 million, up 56% compared to the EUR54.7 million previously announced in March, and up 211% from EUR27.5 million in December.
The London-listed energy production and development company said the pipeline's capacity grew to 238 MWp from 173.5 MWp in March.
The valuation, prepared by Genoa-based consultancy Gruppo Amira, puts total agreed acquisition consideration for the entire pipeline at EUR22.1 million, around EUR93,000 per MWp, meaning the portfolio is now valued at close to four times its acquisition cost.
Average value per MWp rose to EUR360,000 from roughly EUR315,000, even after Zenith added about 65 MWp of newly acquired, early-stage projects; permitting-phase projects are now valued at EUR354,000 per MWp against EUR300,000 in March, while Ready-to-Build and under-construction projects rose to EUR590,000 per MWp from EUR500,000.
Zenith attributed the per-MWp uplift to higher Italian forward power prices, which it said were quoted on the EEX at EUR173.96 per megawatt hour on 23 October, up from EUR109.91 per MWh on 24 March, an increase of approximately 58%; the company said the valuer has applied only a fraction of that increase.
Zenith's acquisition considerations fall due only once permits are approved, limiting upfront capital commitment as the pipeline develops.
"We have assembled 238 MWp of projects for EUR22.1 million, and they are now independently valued at EUR85.6 million, nearly four times what we have agreed to pay, without tying up our shareholders' capital," said chief executive Andrea Cattaneo, adding that he believes Zenith's current market valuation does not reflect the pipeline, its gas assets or its arbitration claims.
Read more about Zenith Energy
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The company said it expects to complete its first solar asset disposals between February and April 2027, covering approximately 89 MWp in Piedmont and Lazio, for expected gross proceeds of around EUR28.3 million, about EUR318,000 per MWp, pricing negotiated against the March valuation at a roughly 6% premium to independent value at that time.
Proceeds are earmarked to progress the retained development pipeline of 149 MWp toward construction and production, while Zenith's first Puglia solar plants, already under construction, are expected to begin generating revenue at the start of 2027.