Analyst Group Comment on Zenith’s Updated Independent Solar Valuation of EUR 85.6m and Pipeline Expansion to 238 MWp
Zenith Energy Ltd. (“Zenith” or the “Company”) announced on November 3, 2026, that the Company has received an updated independent valuation of its Italian solar development pipeline from Gruppo Amira S.r.l.s., a Genoa-based consultancy specializing in the Italian energy sector. The valuation assigns a value of EUR 85.6m to the approximately 238 MWp pipeline. This represents an increase of 56 % from the EUR 54.7m valuation announced on March 31, 2026, and of 211 % from the EUR 27.5m valuation announced on December 4, 2025. The total agreed acquisition consideration for the pipeline amounts to EUR 22.1m, or approximately EUR 93,000 per MWp. Zenith further stated that it expects to complete its first disposals of solar assets, comprising approximately 89 MWp in Piedmont and Lazio, between February and April 2027, with expected gross proceeds of approximately EUR 28.3m. On October 30, 2026, the Company also announced the addition of a new 5 MWp photovoltaic development project in the Province of Foggia, Puglia, which brings the pipeline close to its target of 240 MWp by the end of 2026.
In Analyst Group’s view, the updated independent valuation provides further confirmation of the value being created within Zenith’s Italian solar platform. The valuation has increased by 56 % in seven months, driven both by the expansion of the pipeline and by a like-for-like increase of approximately 18 % in value per MWp. Meanwhile, the acquisition considerations become payable only as projects secure the required permits. Of particular significance, the expected first disposals have been priced at a premium of approximately 6 % to the independent value per MWp applied in March 2026. This provides tangible market support for the valuation and a clear path toward converting development value into non-dilutive cash. With the first Puglia plants expected to generate revenue at the beginning of 2027 and the pipeline within reach of the 240 MWp target, Analyst Group views 2027 as the year in which Zenith’s solar strategy is expected to move from value creation to value realization.
Read Analyst Group’s comment here
About Analyst Group: One of the Nordics’ leading equity research boutiques with focus on small and medium-sized listed companies.
Read more about Analyst Group
This is a press release from Analyst Group regarding the publication of a comment on Zenith Energy. 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.