Zenith Energy Ltd. (Zenith), an international energy production and development company listed in London, Oslo and Stockholm, has announced that its wholly owned Italian subsidiary, WESOLAR S.R.L., has begun construction-phase activities for the first assets in its Italian solar pipeline. The company has selected three projects in Italy’s Puglia region—Andria-1, Andria-3 and Andria-4—representing a total of 7 MWp, to move forward into construction. Collectively, these projects form what Zenith refers to as its Under Construction Portfolio.
A series of important construction and development milestones have already been achieved. The layouts for all ground-mounted plants in the portfolio have been completed, and all grid-connection applications are now submitted. Zenith estimates that the cost of panels and construction for the three sites will be around EUR 3,150,000, with an additional EUR 720,000 for land acquisition, bringing the expected total cost to roughly EUR 3,870,000. Once the plants are operational, the company expects gross proceeds of about EUR 14.8 million over the first 10 years, with the overall lifespan of the assets projected at around 30 years.
Zenith has also launched a tender process for construction and is in advanced discussions with banking partners to secure project financing, following the company’s prior announcement on November 20, 2025. Subject to typical approvals and conditions, financing is expected to cover around 80% of total costs, with WESOLAR contributing the remaining 20% in equity. Physical construction of the first plants is scheduled to begin in July 2026, and the company estimates that the combined sale value of the three properties, once producing, will be ar(ound EUR 9.1 million.
To maintain momentum in its Italian development pipeline, Zenith, through WESOLAR, has also acquired two new ground-mounted photovoltaic projects in Puglia. These new projects are at the development stage and sit on land parcels of approximately four hectares and two hectares. Together, they are expected to provide around 5 MWp of installed solar capacity. The agreed land consideration is EUR 779,000, contingent upon the projects receiving all necessary permits to reach Ready-to-Build status.
Zenith’s progress from development to construction underscores the company’s advancing solar strategy in Italy and enhances the overall value of its growing pipeline. In the solar industry, a “pipeline” refers to the collection of development-stage projects being prepared for construction, moving through key steps such as design, permitting, and grid-connection approvals. As these projects mature, their market value generally increases because the risk associated with them decreases.
According to an independent valuation published on December 4, 2025, Zenith’s pipeline at that time totaled 110.5 MWp and carried an assessed value of EUR 27.5 million. With additional acquisitions since then, including the two new Puglia projects, the company’s total Italian solar portfolio has now expanded to approximately 125.5 MWp. An updated independent valuation has not yet been issued for the enlarged portfolio. Zenith plans to maintain a balanced approach across its Italian assets—advancing projects toward Ready-to-Build status, selectively monetizing certain development opportunities with professional partners, and constructing chosen projects to build a stable base of long-term electricity production revenue.
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