ZENA: Zenith surpasses 200 MWp solar development target ahead of schedule and increases 2026 target to 240 MWp

August 12, 2026

ZENITH ENERGY LTD.

("Zenith" or the "Company")

Zenith surpasses 200 MWp solar development target ahead of schedule and
increases 2026 target to 240 MWp

Zenith Energy Ltd. (LSE: ZEN; OSE: ZENA; XSAT: ZENA SDR), the international
energy production and development company, is pleased to announce the
acquisition of a 10 MWp photovoltaic development project located in the Province
of Foggia, in the Puglia region of Italy (the "Foggia Project").

The acquisition increases Zenith's total solar development pipeline to
approximately 203 MWp, enabling the Company to exceed its previously stated
target of 200 MWp for 2026 ahead of planned date, the end of 2026.
Following the achievement of this milestone ahead of schedule, the Company has
increased its solar development acquisition target for the end of 2026 to 240
MWp.

Overview of the Project

o	The Foggia Project comprises a photovoltaic development project with an
expected installed capacity of approximately 10 MWp, located on approximately 12
hectares in the Province of Foggia, in the Puglia region of Italy, an area
benefitting from among the highest levels of solar irradiation in the country.
o	The Acquisition is classified as being in the development stage. 
o	The total consideration for the land Foggia Project is EUR 96,000. Payment
will be made upon securing all required permits and achieving Ready-to-Build
status at the conclusion of the development process. 
o	The Acquisition increases Zenith's total solar development pipeline to 203
MWp, exceeding the Company's stated target of 200 MWp for end of 2026 ahead of
schedule.

Solar Development Strategy

As a result of achieving this objective ahead of schedule, Zenith has
established a new solar development acquisition target of 240 MWp by the end of
2026. 

The addition of a further well-located asset in Foggia further strengthens the
Company's position in Puglia, where construction is now underway across all
three solar plants comprising Zenith's 7 MWp Under Construction Portfolio, with
commissioning and grid connection targeted before the end of 2026. 

The Acquisition follows the recently signed Memorandum of Understanding for the
proposed sale of the Company's approximately 50 MWp South Piedmont Portfolio for
EUR 12 million, announced on July 15, 2026. 
Zenith also notes the approval by the European Commission, announced on 8 June
2026 of the EUR23 billion Italian State aid scheme supporting renewable
electricity production which will provide long-term price contracts for eligible
projects within the Company's portfolio.

The company continues to evaluate additional solar development opportunities
across Italy with the objective of expanding its portfolio while progressing
existing assets towards RTB status, construction, commissioning and
monetisation.


Andrea Cattaneo, Chief Executive Officer, commented:

"The acquisition of the Foggia Project represents another important milestone in
the rapid expansion of Zenith's Italian solar development activities. By
increasing our portfolio to approximately 203 MWp, we have surpassed the 200 MWp
acquisition target we established for the whole of 2026.

Reaching this milestone ahead of schedule gives us the confidence to raise our
ambition once again. We are therefore establishing a new target of 240 MWp of
solar development projects by the end of 2026, which we will work determinedly
to achieve and, if possible, exceed.

Importantly, our progress is not limited to increasing the headline size of the
development portfolio. Construction is now underway across our first three solar
plants in Puglia, with commissioning targeted before the end of the year, while
the recently signed MoU for the proposed EUR 12 million sale of our
approximately 50 MWp South Piedmont Portfolio provides a clear illustration of
the potential value that can be created as projects advance through the
development cycle.

Against the backdrop of substantial institutional support for renewable energy
development in Italy, we believe Zenith is progressively building a scalable
solar platform capable of generating value through development, construction,
operation and selective asset monetisation.

Our objective remains clear: to continue expanding the portfolio, accelerate the
advancement of our projects and convert the scale we are building into tangible
value for Zenith shareholders."

Further Information:

Zenith Energy Ltd

Andrea Cattaneo, Chief Executive Officer	Tel: +1 (587) 315 1279
E: info@zenithenergy.ca

Notes to Editors:

Zenith Energy Ltd. is a revenue generating, independent energy company with
energy production, exploration and development assets in North Africa, the US
and Europe. The Company is listed on the London Stock Exchange Main Market (LSE:
ZEN), the Euronext Growth of the Oslo Stock Exchange (OSE: ZENA) and on the
Spotlight Stock Market in Sweden (XSAT: ZENA SDR).

Zenith's strategic focus is on pursuing development opportunities through the
development of proven revenue generating energy production assets, as well as
low-risk exploration activities in assets with existing production.

For more information, please visit: www.zenithenergy.ca
Twitter: @zenithenergyltd LinkedIn: https://bit.ly/3A5PRJb


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pursuant to MAR article 7 and is publicly disclosed in accordance with MAR
article 17 and section 5 -12 of the Norwegian Securities Trading Act. The
announcement is made by the contact person. 
 
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