Zenith Energy Ltd (LSE:ZEN, TSX-V:ZEE) announced the acquisition of five development-stage agrivoltaic solar projects in the Piedmont region of Italy, with the assets adding a combined capacity of about 30 MWp.
The projects are expected to integrate agricultural activities with solar energy production using single-axis tracker systems on farmland, the company said.
Zenith expects all projects to achieve ‘Ready-to-Build’ status within 12 to 16 months.
It is paying €3.1 million in the deal, which includes the purchase of the land, and will be payable once all required permits are obtained.
“In the space of only six months, our team, working closely with legal and technical consultants, has built a diversified portfolio exceeding 50 MWp, laying the foundations for the company's long-term future of revenue generation and profitability,” said chief executive Andrea Cattaneo.
“Zenith now holds a significantly expanded and diversified portfolio of solar assets spanning operational, ready-to-build, and development stage.”
He added: “It is our intention to continue expanding the portfolio in a sustained manner, with the opportunity of strategically partnering, in respect of specific larger development assets, with major utility companies to balance our financing requirements.”
Cattaneo also highlighted that Zenith is in advanced talks with specialised lenders in the renewables industry over the funding needed for infrastructure development.