Zenith Energy Ltd (LSE:ZEN, TSX-V:ZEE) announced it has acquired an additional agrivoltaic development project in Italy’s Lazio region, expanding its local pipeline to fifteen megawatts peak (MWp).
It comes after the firm's first Lazio deal earlier this month. This new project is on a 10-hectare site, and it's planned for a five MWp installation, taking the Lazio 'cluster' potentially to 15MWp.
Under the acquisition deal, Zenith will pay a total consideration of €650,000, payable upon permitting completion and start of construction.
Andrea Cattaneo, Zenith chief executive, highlighted that the firm's 'cluster' approach to portfolio building is expected to drive operating efficiencies, improve development and construction economics, and enhance long-term value.
"The addition of a second agrivoltaic project in Lazio increases our regional development capacity to 15 MWp and marks a further step in strengthening Zenith's Italian solar portfolio," Cattaneo said.
"Together with our development pipeline in Piedmont, the Lazio Acquisition establishes two development clusters in the two most attractive regions of Italy for solar energy production.
The Zenith chief added: "We remain focused on a disciplined, step-by-step strategy to build a diversified, scalable and cash-generative solar portfolio.
"We will continue to grow assets under management as opportunities arise to build an operation with substantial realisable value that delivers sustainable value for shareholders."
Also, the company highlighted that a 55 MWp Italian solar portfolio (Zenith's aim) would be estimated to generate some 97,795 megawatt hours per year, equivalent to €9 million of revenues each year for 2026 through 2031, and around €8 million thereafter.