Zenith Energy Ltd. (“Zenith” or the “Company”) announced on Tuesday, September 16th 2025, that the Company has acquired a solar energy development project located in the Puglia region of Italy through its wholly owned Italian subsidiary created to manage its solar energy portfolio, WESOLAR S.R.L. (“WESOLAR”).
The newly acquired asset, currently in development stage, will have a total installed capacity of approximately 6 MWp. The EUR 750,000 consideration includes the purchase of the land and is conditional on obtaining all required permits for the project to be classified as ”Ready-to-Build.” With this latest transaction, Zenith’s total Italian solar portfolio now reaches 64.5 MWp, consisting of operational, ready-to-build, and development-stage assets.
Analyst Group’s View on the Puglia Acquisition
The acquired solar energy development asset, located in Puglia, will have a total installed capacity of approximately 6 MWp once operational, bringing the total portfolio capacity to 64.5 MWp. Analyst Group views the Puglia Acquisition as a strategic and value-accretive addition to Zenith’s fast-growing solar portfolio. The new 6 MWp development project strengthens Zenith’s regional cluster strategy, with Puglia now joining Piedmont and Lazio as one of three key focus areas for solar development. Importantly, the acquisition in Puglia highlights the Company’s continued progress in executing its communicated strategy of building a diversified, cash-generative renewable energy portfolio. The Company maintains a high pace of acquisitions during year 2025 and now holds a significantly expanded and diversified portfolio of solar assets spanning operational, ready-to-build, and development-stage projects, expanding the total solar portfolio to 64.5 MWp, which significantly strengthens the core business operations and further supports our expectation that the total portfolio exceeds 100 MWp before the end of year 2025.
Zenith’s solar strategy continues to be underpinned by the favorable structural conditions in the Italian energy market, including elevated electricity prices, strong policy support, and high solar irradiation, particularly in southern regions like Puglia, where the solar irradiation (GHI) is estimated to average between 1 800 and 2 000 kWh/m²/year, with a capacity factor between 17–20%, which represents the most favorable conditions for solar production. Based on our assumptions, Zenith’s total solar energy projects, once operational, are expected to generate revenues of approximately EUR 10.5M per year.
Zenith is currently in the process of listing on Spotlight Stock Market and offering Swedish Depository Receipts (SDRs) to both institutional and retail investors. The offering includes up to 55,555,556 SDRs, representing new shares equivalent to approximately SEK 25 million before issue costs.
Zenith has a long history of well-timed acquisitions at attractive valuations, as demonstrated by the acquisition of oil assets in Tunisia during the COVID-19 period. Core operations remain resilient, supported by profitable gas-to-electricity and solar production in Italy, where Zenith has been active since the year 2010. In 2025, the Company executed its largest solar acquisition to date and currently holds a diversified portfolio of 64.5 MWp, expected to exceed 100 MWp before year-end. Beyond core operations, Zenith has an established legal track record. The ICC-1 arbitration concluded successfully in December 2024 with a USD 9.7M award. While ICC-2 resulted in a full dismissal of USD 130M in claims, Zenith has now submitted an annulment application, citing serious procedural irregularities and newly discovered connections between tribunal members and the Tunisian state.
The broader and most strategically significant legal process remains the ICSID arbitration, where the Company is pursuing USD 503M under the UK–Tunisia Bilateral Investment Treaty. Final submissions are scheduled for September 2025, with hearings in Q2 2026. Analyst Group estimates a 68% probability of a favorable outcome based on historical data and legal precedent.
With a stable operational base in Italy and two active legal processes that could unlock substantial upside, Zenith presents a risk–reward profile where litigation outcomes may serve as significant value catalysts.
