Neve Yarak, Israel, Jan. 23, 2025 (GLOBE NEWSWIRE) – N2OFF, Inc. (NASDAQ: NITO) (FSE: 80W) (“N2OFF” or “the Company”), a clean tech innovator specializing in sustainable energy solutions and agri-tech innovation, has signed a binding term sheet with Solterra Energy Ltd. (“Solterra”) to collaborate exclusively on renewable energy projects in Albania for one year. The partnership will prioritize solar energy and battery storage initiatives.
Under this agreement, both companies will leverage their local networks to identify potential projects. Solterra will perform feasibility analyses, and if outcomes are favorable, Solterra will oversee project development, while N2OFF will arrange project financing, either directly or through third-party partnerships.
This collaboration aligns with the recently signed trilateral clean energy cooperation agreement between Italy, Albania, and the United Arab Emirates, which aims to bolster Albania’s renewable energy infrastructure. As part of this €1 billion initiative, the UAE will deploy its expertise to develop solar and wind power in Albania, with a portion of the energy transmitted to Italy via an underwater cable. The Albanian government has steadily increased its renewable energy capacity, adding approximately 500 MW over the past two years.
Track Record of Success in Germany and Italy
N2OFF and Solterra have already established a successful partnership, advancing significant renewable energy projects across Europe:
- Germany: The joint venture is currently developing a 111 MWp solar photovoltaic (PV) project in Melz, Germany. With municipal approval and a grid connection solution secured, the project has exceeded initial capacity expectations by 10%, paving the way for capacity expansion or integration with battery storage. The project is progressing through the development phase.
- Italy: Through its subsidiary, Solterra Brand Services Italy, Solterra has partnered with N2OFF to develop two Battery Energy Storage Systems (BESS) in Sicily, each with a capacity of 98 MWp/392 MWh. The projects have received connection capacity approval from Terna SpA, Italy’s transmission system operator, and are expected to reach a ready-to-build stage within 18–24 months.
Strengthening Renewable Energy in Albania
This new collaboration builds on the momentum of N2OFF and Solterra’s joint efforts in Germany and Italy. It underscores their commitment to advancing Europe’s renewable energy landscape by introducing cutting-edge solar and energy storage solutions.
The partnership is subject to various conditions, including mutual agreement on project terms, corporate approvals, and adherence to regulatory requirements.
