Zenith Energy (LSE:ZEN) agreed to acquire two development-stage solar projects in the Province of Puglia, Italy, each of 2.5 MWp, adding 5 MWp to its Italian pipeline.
The additions lift Zenith Energy, the renewable energy developer, solar development pipeline to 183.5 MWp from the 173.5 MWp reported in the group's independent valuation as at 31 March, which assigned EUR 54.7 million to the portfolio.
Zenith says the projects comprise a 2-hectare photovoltaic plant and a 5-hectare agrivoltaic site, the land was acquired at an average price of approximately €70,000 per hectare (approximately €490,000 across both sites), and payment for the projects will be made only upon securing all required permits and achieving Ready-to-Build status.
The company says the pipeline expansion is expected to support further value creation as projects progress through permitting, Ready-to-Build and construction stages.
"We are now approaching our target of 200 MWp and are excited to begin construction of our first site in July 2026," said Andrea Cattaneo, Chief Executive Officer.
Zenith expects to start construction of its first site in July 2026 and says it is advancing other projects towards Ready-to-Build while exploring selective asset divestments to support further expansion.
