Zenith Energy Ltd. (“Zenith” or the “Company”) announced on March 5, 2026, that the Company has acquired an additional photovoltaic development project located in the Puglia region of Italy with an expected installed capacity of approximately 10 MWp. The acquisition forms part of the Company’s broader strategy to expand its Italian solar development pipeline beyond 200 MWp by the end of 2026. The project remains in the development stage and is expected to reach Ready-to-Build (“RTB”) status by February 2027. The agreed consideration for the project amounts to EUR 1.05 m and will only be payable upon the successful completion of the development process and the achievement of RTB status. Following the acquisition, Zenith’s solar development portfolio has increased to approximately 135.5 MWp across several Italian regions including Piedmont, Lazio, Liguria and Puglia. The Company has also secured land sufficient to accommodate an integrated 4 MW Battery Energy Storage System (“BESS”) at the newly acquired site. In addition to the solar acquisition, Zenith announced the decision to recommence production at the Sant’Andrea gas field in Italy. Once reactivated, the field is expected to produce approximately 40,000 cubic metres of natural gas per month, equivalent to roughly 480,000 cubic metres annually, with production sold through the Italian national grid.

Analyst Group’s View and Conclusion

Analyst Group views the acquisition of the Puglia photovoltaic project as a continued demonstration of Zenith’s ability to expand its Italian solar development pipeline at a rapid pace. The increase of the portfolio to approximately 135.5 MWp represents meaningful progress toward the Company’s stated objective of exceeding 200 MWp by the end of 2026. At the same time, the restart of the Sant’Andrea gas field demonstrates Zenith’s ability to capture value from existing energy infrastructure in response to evolving natural gas and electricity price dynamics in Europe.

Together, these developments reinforce Zenith’s position as a diversified European energy company with exposure to both renewable power generation and natural gas production. In the current market environment, characterized by heightened geopolitical tensions, energy security concerns and volatile commodity prices, such a diversified energy portfolio provides strategic flexibility and exposure to favorable pricing dynamics.

Beyond the operational developments described above, it should also be noted that Zenith is approaching a significant milestone in the ongoing ICSID arbitration against the Republic of Tunisia. The final hearing is scheduled for April 2026, and the Company has recently strengthened its legal team ahead of this stage. With an updated claim amount of approximately USD 572.65 m, the arbitration represents a potentially material financial catalyst. In Analyst Group’s view, the convergence of rising European energy prices, accelerating solar pipeline execution, and the approaching ICSID final hearing in April 2026 represents a set of meaningful near-term catalysts which, together with the Company’s expected operational pipeline during 2026, support an attractive risk-reward profile.

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