Shares inZenith Energy Ltd (LSE:ZEN, TSX-V:ZEE), the international energy producer listed in London, Oslo and Stockholm, rose 7% to 7.5p after the company announced that construction of a 7 megawatt-peak (MWp) solar portfolio in the Puglia region of southern Italy will begin in July 2026.
The project, comprising three solar plants, is fully financed, with external debt covering 85% of total costs and Zenith contributing approximately €580,500 of the €3.87 million total.
Grid connectivity has been secured, removing two of the principal development risks ahead of the construction start.
Once operational, the plants are expected to generate around 11.2 gigawatt-hours of electricity annually and produce gross revenue of approximately €14.8 million over the first decade.
The portfolio carries an estimated resale value of €9.1 million, equivalent to €1.3 euros per MWp, which the company said highlighted the capital efficiency of its approach.
Zenith said it retained the option to sell part or all of the portfolio to recycle capital into further solar development.