Zenith’s Italian subsidiaries operate, or have working interests in, a number of electricity production assets from renewable energy sources or natural gas.
6 operated onshore gas production concessions
Zenith has a broad portfolio of interests in onshore natural gas production and exploration assets across Italy. These include:
- Masseria Grottavecchia (20% working interest)
- San Teodoro (100% working interest)
- Torrente Cigno (45% working interest in natural gas production; 100% ownership of 4 gas powered electricity generation units onsite)
- Misano Adriatico (100% working interest)
- Sant’ Andrea (40% working interest)
- Masseria Petrilli (50% working interest)
3 non-operated onshore gas production concessions
- Masseria Acquasalsa (8.8% working interest)
- Lucera (13.6% working interest)
- San Mauro (18% working interest)
Approx. monthly Electricity production from natural gas: 1,000 MWh
Production
At Torrente Cigno, low-grade natural gas production is used to generate profitable electricity production of approximately 1,000 MWh per month. Italy offers attractive opportunities for junior exploration and production companies, specifically in relation to natural gas. We consider the key advantages of operating in Italy to be the following:
- Zenith operates in established hydrocarbon producing areas, where there is a strong understanding of the geology and development potential of the assets, as well as a ready availability of logistical infrastructure and oilfield service companies.
- A low-risk jurisdiction with a strong EU regulatory framework.
- An established hydrocarbon producing country, with a long and successful history of natural gas production and exploration across its territory spearheaded by ENI.
- Italy’s economy is heavily dependent on oil and gas. The large import of natural gas to satisfy Italian energy requirements further reinforces the importance and commercial value of domestic production.
Development potential
Zenith’s Italian natural gas production portfolio holds significant potential for development and increased energy production. The development programme is primarily concentrated on the Torrente Cigno concession, where the Company has plans to drill a development well, to be named MV-2, to explore the updip structure of the Miocenic and Cretaceous carbonates formations.
Embracing a new strategic direction, the Company is expanding into solar energy production and development to shape a sustainable, future-oriented portfolio while continuing its proven success in profitable energy generation.
The Company established a new Italian subsidiary in April 2025, named WESOLAR S.R.L., to manage its growing portfolio of solar energy development projects.
As of October 19, 2025, Zenith’s Solar Energy Portfolio includes:
PRODUCTION
- Liguria Solar Asset: 0.5 MWp
(Currently producing 0.2 MWp, upgrade to 0.5 MWp planned.)
READY-TO-BUILD
- Puglia Solar Asset: 3 MWp
(All permits obtained, grid connection ready, announced on July 30, 2025.)
DEVELOPMENT STAGE
- Lazio Agrivoltaic Project 1: 10 MWp
(First Lazio acquisition (10 MWp) announced Aug 6, 2025.) - Lazio Agrivoltaic Project 2 : 7 MWp
(First announced on August 27, 2025, installed capacity has been increased to 7 MWp from 5 MWp.) - Piedmont Agrivoltaic Development Projects : 30 MWp
(Acquisition comprising of various agrivoltaics projects announced on August 11, 2025.) - Piedmont Photovoltaic Project : 10 MWp
(Originally an agrivoltaic project, subsequently reclassified to conventional solar energy as announced on August 22, 2025.) - Piedmont Agrivoltaic Development Project : 18 MWp
(Acquisition signed and announced on October 19, 2025.) - Puglia Solar Development Asset : 6 MWp
(Acquisition signed and announced on September 16, 2025.) - Puglia Solar Development (PV + BESS) : 10 MWp
(Acquisition signed on October 9, 2025, of development project of approx. 10 MWp and a BESS project with a capacity of up to approx. 10 MW) - Puglia Solar Development: 4MWp
(Acquisition signed and announced on October 19, 2025. Includes a BESS project with a capacity of up to approx. 2 MW.)
Development potential
The Company views solar energy electricity production as a core strategic pillar for the achievement long‑term revenue generation and growth. To this end, it has built a diversified mix of operational, ready‑to‑build and development assets, spread across the regions of Liguria, Puglia, Lazio and Piedmont.
Many of the Company’s projects are in the development stage and are expected to reach ready-to-build status within 12–16 months.
The Company plans to finance the development of its solar energy portfolio via a combination of specialised lenders in the renewable energy industry, manufacturer financing, as well its own financial resources.