Zenith Energy Ltd (LSE: ZEN, TSX-V: ZEE) has agreed to acquire five development-stage agrivoltaic solar projects in Italy’s Piedmont region, adding a combined capacity of around 30 MWp.
Acquisitions Highlights
· The Acquisitions comprises of 5 agrivoltaic solar energy development projects located in the Piedmont region of Italy, with a combined installed capacity of approximately 30 MWp.
· Agrivoltaic technology integrates agricultural activities with solar energy production, optimising land use and supporting sustainable agricultural practices. It is planned that each project will utilize single-axis tracker systems on agricultural land to maximize solar energy generation efficiency.
· Italy stands out as one of the leading countries worldwide in agrivoltaic technology and implementation.
· The Company expects the Acquisitions will all achieve ‘Ready-to-Build’ status within the next 12-16 months.
· The consideration for the Acquisitions is EUR 3,100,000, which includes the purchase of the land hosting the Acquisitions, and will be payable conditional to the achievement of all the necessary permits to achieve ‘Ready-to-Build’ status.
The projects will integrate farming with solar power generation, using single-axis tracker systems on agricultural land. Zenith expects all sites to reach ready-to-build status within 12 to 16 months.
The €3.1 million purchase price — covering the acquisition of the land — will be paid once all required permits are secured.
Chief executive Andrea Cattaneo said the deal lifts the company’s solar portfolio to over 50 MWp, spanning operational, ready-to-build, and development-stage assets. He noted plans to expand further, potentially partnering with major utility companies for larger developments to balance financing needs.
Cattaneo added that Zenith is in advanced discussions with specialist renewable energy lenders to fund infrastructure development.
