Zenith Energy Ltd (LSE:ZEN, TSX-V:ZEE) has announced the acquisition of a development-stage agrivoltaic solar energy project in the Lazio region of Italy.
The project’s installed capacity will be approximately 10 MWp, and it integrates agricultural activities with solar energy production.
It will be the company’s largest acquisition of this type to date, chief executive Andrea Cattaneo highlighted.
“This milestone holds significant symbolic value because it marks the early achievement of our strategic goal of building a 20 MWp production capacity portfolio by the end of 2025,” Cattaneo said in a statement.
“Following the acquisition, Zenith now holds a diversified portfolio of solar assets spanning operational, ready-to-build, and development stages.
“Each project we pursue is subject to rigorous technical and legal due diligence, both before and after acquisition, ensuring there is exclusive focus solely on high-quality opportunities with a clear path to full permitting.”
The acquisition cost is €1.3 million, including the purchase of the land. Payment will be conditional on securing all permits for the project to become ready-to-build.
Zenith expects this status to be reached within 12 months.
Cattaneo, meanwhile, added that the firm intends to leverage favourable financing options tailored to Italy's solar sector to accelerate our expansion and minimise equity dilution.
“Our strategic vision is clear: to acquire and develop promising solar projects across various stages, capitalising on advantageous market conditions to build a sustainable, revenue-generating portfolio with rapid investment recovery."