The project is currently classified as development stage, with a targeted timeline of 12–16 months to reach “Ready-to-Build” status. The total consideration amounts to EUR 875,000, which includes land and is conditional upon successful permitting.

With this addition, Zenith’s total solar portfolio expands to 74.5 MWp, comprising operational, ready-to-build, and development-stage assets across Italy.

In conclusion, based on current assumptions and estimated energy yields, Zenith’s total solar energy portfolio, once operational, is expected to generate annual revenues of approximately EUR 12M. The integration of BESS is expected to enhance revenue per MWh by enabling more strategic timing of energy dispatch. The Puglia acquisition reinforces Zenith’s operational focus on building a scalable and diversified renewable energy portfolio. With 74.5 MWp across multiple stages and regions, the Company continues to demonstrate disciplined execution in line with its communicated growth strategy. Analyst Group maintains the view that Zenith’s solar portfolio will exceed 100 MWp by year-end 2025, assuming continued deal flow and permitting progress.

Analyst Group’s view on Zenith Energy as an investment

Zenith has a long history of well-timed acquisitions at attractive valuations, as demonstrated by the acquisition of oil assets in Tunisia during the COVID-19 period. Core operations remain resilient, supported by profitable gas-to-electricity and solar production in Italy, where Zenith has been active since the year 2010. The Company currently holds a diversified solar pipeline totaling 74.5 MWp, and Analyst Group maintains the view that the portfolio will exceed 100 MWp before year-end 2025, supported by ongoing acquisitions.

Beyond core operations, the Company remains engaged in legal processes that could materially impact long-term valuation. The ICC-1 arbitration concluded successfully in December 2024 with a USD 9.7M award. While ICC-2 resulted in a full dismissal of USD 130M in claims, Zenith has now submitted an annulment application, citing serious procedural irregularities and newly discovered connections between tribunal members and the Tunisian state. The broader and most strategically significant legal process remains the ICSID arbitration, where Zenith is pursuing USD 503M in damages under the UK–Tunisia Bilateral Investment Treaty. The case is now entering its final phase, with hearings scheduled for April 2026. Analyst Group estimates a 68% probability of a favorable outcome based on historical data and legal precedent.

With a stable operational base in Italy combined with legal arbitration processes that could unlock substantial upside, Zenith presents a risk–reward profile where litigation outcomes may act as significant value catalysts.

Read Analyst Group’s comment here

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This is a press release from Analyst Group regarding the publication of a comment on Zenith Energy Ltd. Readers may assume that Analyst Group has received compensation for making the comment. The Company has not been given an opportunity to influence the parts where Analyst Group has had opinions about the Company, future valuation or anything else that could be considered a subjective assessment.