Zenith Energy Ltd, via its wholly owned Italian subsidiary WESOLAR SRL, has signed an agreement to acquire land associated with a 10 MWp agrivoltaic solar project in Piedmont, Italy, for €0.768 million ($0.91 million). The payment is conditional on the project securing all permits and reaching ready-to-build (RtB) status.

The key point is not the project size or the price. The insight is structural. Zenith is paying for land control only, with capital released only after permitting risk is removed. Development risk stays with the seller until the asset is construction-ready.

The project, located in the Province of Alessandria, is currently under development and expected to reach RtB within 12–15 months. Until then, Zenith’s exposure is limited to a contractual option rather than a balance-sheet-heavy acquisition.

This structure reflects how buyers are underwriting Italian solar today. Agrivoltaic projects face longer permitting cycles, local scrutiny, and land-use complexity. Capital is no longer priced on future MWs, but on execution certainty.

What this signals is clear. In Italy, value is shifting upstream to permitted land positions, while early-stage development risk is being explicitly discounted. Buyers want assets that are buildable, not just conceptual, and deal structures are adjusting accordingly.

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