Zenith Energy project in Piedmont reclassified with higher capacity

(Alliance News) - Zenith Energy Ltd on Friday said the agrivoltaic solar energy project it acquired in Piedmont, Italy, has been reclassified as a 10 megawatt peak project, upgraded from 7 MWp of installed capacity.

The Calgary, Canada-based oil company with interests in Italy, Tunisia and the US agreed to acquire the around 13.5 hectares of agricultural land at the end of May via its wholly-owned subsidiary Wesolar SRL, for a total consideration of EUR900,00.

The reclassification of the project was enabled by regulatory changes in Italy.

Zenith said the reclassification is expected to "materially improve" the project's economics, shorten its completion time and simplify its technical profile, increasing potential electricity production and possible revenue generation.

"The reclassification of the Piedmont Acquisition to 10 MWp significantly strengthens its economics and long-term value, enhancing our solar energy project pipeline," said Chief Executive Officer Andrea Cattaneo.

"One of the key determinants for success in the Italian solar energy domain is an operator's ability to successfully obtain the necessary permitting (at all levels) in a comprehensive and timely manner.

"We look forward to providing further updates in due course regarding potential additional acquisitions, as well as the formalisation of financing agreements to support the construction of the portfolio."

Shares in Zenith Energy were down 0.1% at 3.74 pence in London on Friday afternoon. The stock has nearly tripled from 1.35p over the past year.

By Emily Parsons, Alliance News reporter

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