Zenith Energy Ltd (LSE:ZEN, TSX-V:ZEE) told investors its solar project in Piedmont, Italy, has been reclassified from a 7 MWp agrivoltaic project to a 10 MWp solar energy project.
The change follows a regulatory decision by the Council of State in Italy, the company said, noting that it is expected to improve project economics, reduce completion time and simplify construction.
"The reclassification of the Piedmont Acquisition to 10 MWp significantly strengthens its economics and long-term value, enhancing our solar energy project pipeline," chief executive Andrea Cattaneo said.
He added: "One of the key determinants for success in the Italian solar energy domain is an operator's ability to successfully obtain the necessary permitting (at all levels) in a comprehensive and timely manner.
"We look forward to providing further updates in due course regarding potential additional acquisitions, as well as the formalisation of financing agreements to support the construction of the portfolio."