Zenith Energy surpasses "important milestone" with Foggia acquisition
Zenith Energy Ltd on Wednesday announced the acquisition of the Foggia Project, a solar energy project in Foggia, Italy.
The energy producer, explorer and developer said the 10 megawatt peak photovoltaic development increases its solar development pipeline to around 203 MWp, beyond its previously stated target of 200 MWp for 2026.
In response, the company has increased its solar development acquisition target for the end of 2026 to 240 MWp.
The total consideration for the approximately 12 hectares of land for the Foggia Project is EUR96,000, Zenith said.
Chief Executive Officer Andrea Cattaneo said: "The acquisition of the Foggia Project represents another important milestone in the rapid expansion of Zenith's Italian solar development activities.
"Importantly, our progress is not limited to increasing the headline size of the development portfolio. Construction is now underway across our first three solar plants in Puglia, with commissioning targeted before the end of the year, while the recently signed MoU for the proposed EUR12 million sale of our approximately 50 MWp South Piedmont Portfolio provides a clear illustration of the potential value that can be created as projects advance through the development cycle.
"Against the backdrop of substantial institutional support for renewable energy development in Italy, we believe Zenith is progressively building a scalable solar platform capable of generating value through development, construction, operation and selective asset monetisation.
"Our objective remains clear: to continue expanding the portfolio, accelerate the advancement of our projects and convert the scale we are building into tangible value for Zenith shareholders."
Shares in Zenith rose 3.9% to 4.00 pence per share on Wednesday afternoon in London.
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