Zenith Energy (LSE:ZEN), the international energy production and development company, has acquired a 10 MWp photovoltaic development project in the Province of Foggia in Italy's Puglia region.
The deal lifts Zenith's total solar development pipeline to approximately 203 MWp, taking it past the 200 MWp target the company had set for the end of 2026.
Having beaten that goal early, Zenith has raised its 2026 target to 240 MWp.
The Foggia project sits on roughly 12 hectares in an area of high solar irradiation and is at development stage, with total consideration of EUR96,000 payable once the project secures permits and reaches Ready-to-Build status.
The acquisition adds to Zenith's existing footprint in Puglia, where construction is underway across all three plants in its 7 MWp Under Construction Portfolio, with commissioning and grid connection targeted before year-end.
It follows a memorandum of understanding signed in July for the proposed EUR12 million sale of the company's approximately 50 MWp South Piedmont Portfolio, and comes after the European Commission approved a EUR23 billion Italian state aid scheme in June offering long-term price contracts to eligible renewable projects.
"Reaching this milestone ahead of schedule gives us the confidence to raise our ambition once again," said chief executive Andrea Cattaneo, adding that the South Piedmont sale "provides a clear illustration of the potential value that can be created as projects advance through the development cycle."
Zenith said it continues to evaluate further Italian solar opportunities while progressing existing assets toward construction and monetisation.
News Intelligence what this means for the company
Zenith Energy acquired a 10 MWp solar development project in Italy's Puglia region for EUR 96,000, lifting its total solar pipeline to 203 MWp and past its original 200 MWp end-2026 target ahead of schedule. The company has now raised that 2026 target to 240 MWp. The move follows a memorandum of understanding signed in July for the proposed EUR 12 million sale of its approximately 50 MWp South Piedmont Portfolio, and comes as the European Commission approved a EUR 23 billion Italian state aid scheme in June offering long-term price contracts to eligible renewable projects—a backdrop that appears to be unlocking value in Zenith's Italian solar assets.
Zenith is demonstrating execution on its Italian solar strategy, with three Puglia plants under construction targeting grid connection by year-end and a material portfolio sale in memorandum form. However, the company remains characterised as an upstream oil and gas producer; the scale of this solar activity relative to its core business and cash position is not disclosed in the available context, leaving unclear whether this represents a strategic pivot or a smaller diversification play.
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