Zenith Energy Ltd. (LSE:ZEN) has announced the addition of a new photovoltaic development project in southern Italy, increasing its total solar development pipeline to approximately 238 megawatts peak (MWp).
The ground-mounted solar project, located in the Province of Foggia in the Puglia region, is expected to have an installed capacity of approximately 5 MWp.
The addition brings Zenith closer to its target of establishing a 240 MWp solar development pipeline by the end of 2026.
New Solar Project Targets Ready-to-Build Status Within 10 Months
Zenith expects the project to qualify for Italy’s Simplified Authorisation Procedure, known as Procedura Abilitativa Semplificata (PAS), subject to meeting the relevant eligibility requirements.
The procedure could provide a shorter permitting process compared with standard authorisation routes.
The company estimates that the development could achieve Ready-to-Build status within approximately eight to ten months, including the completion of grid connection arrangements, final engineering design and the necessary authorisations.
Preliminary assessments indicate that the project could benefit from a relatively straightforward grid connection, with limited associated infrastructure costs compared with developments requiring longer connection routes.
The project remains at the development stage and has not yet received final authorisation.
Land Acquisition Valued at Approximately €560,000
The proposed development covers approximately eight hectares of land, with an agreed purchase price of €70,000 per hectare.
The total land acquisition consideration is estimated at €560,000.
Under the agreed terms, payment will become due only after the project achieves Ready-to-Build status.
This arrangement allows Zenith to defer the land acquisition expenditure until the necessary development approvals have been secured.
Zenith Approaches 240 MWp Solar Pipeline Target
The latest addition increases Zenith’s total solar development pipeline to approximately 238 MWp, leaving the company around 2 MWp short of its year-end target.
Zenith is already progressing construction activities at its initial solar plants in Puglia.
Chief Executive Officer Andrea Cattaneo commented:
“This new 5 MWp project strengthens our position in Puglia, where our first plants are already under construction.
With our pipeline now at approximately 238 MWp, we are within reach of our 240 MWp targets for the end of 2026. Our focus remains on projects that can move quickly towards Ready-to-Build, and negotiations on the sale of selected development assets are continuing.”
Solar Development and Asset Sales Remain in Focus
Zenith continues to prioritise photovoltaic projects that can progress through permitting and reach construction-ready status within relatively short development periods.
The company also confirmed that negotiations concerning the potential disposal of selected solar development assets remain ongoing.
Alongside its renewable energy activities in Italy, Zenith maintains energy production, exploration and development interests across North Africa, the United States and Europe.
The company is listed on the London Stock Exchange, Euronext Growth Oslo and Sweden’s Spotlight Stock Market.
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