N2OFF and Solterra Unite to Pioneer Solar PV Development in Albania
N2OFF (NASDAQ: NITO) has signed a binding term sheet with Solterra Energy for exclusive collaboration on renewable energy projects in Albania for one year, focusing on solar energy and battery storage. The agreement follows a trilateral clean energy cooperation between Italy, Albania, and UAE, valued at approximately €1 billion.
Under the agreement, both parties will present potential projects, with Solterra conducting feasibility analyses. Upon positive results and mutual approval, Solterra will manage project development, while N2OFF will handle financing. The collaboration builds on existing joint ventures in Germany and Italy, including a 111 MWp solar PV project in Melz, Germany, and two Battery Energy Storage Systems in Sicily (98 MWp/392 MWh each).
N2OFF (NASDAQ: NITO) ha firmato un accordo vincolante con Solterra Energy per una collaborazione esclusiva su progetti di energia rinnovabile in Albania per un anno, con un focus sull'energia solare e lo stoccaggio di batterie. L'accordo segue una cooperazione trilaterale sull'energia pulita tra Italia, Albania e Emirati Arabi Uniti, valutata circa €1 miliardo.
Secondo l'accordo, entrambe le parti presenteranno progetti potenziali, con Solterra che condurrà analisi di fattibilità. In caso di risultati positivi e approvazione reciproca, Solterra gestirà lo sviluppo del progetto, mentre N2OFF si occuperà del finanziamento. La collaborazione si basa su joint venture esistenti in Germania e Italia, inclusi un progetto di energia solare PV da 111 MWp a Melz, Germania, e due sistemi di stoccaggio di energia da batteria in Sicilia (98 MWp/392 MWh ciascuno).
N2OFF (NASDAQ: NITO) ha firmado un acuerdo vinculante con Solterra Energy para una colaboración exclusiva en proyectos de energía renovable en Albania durante un año, enfocándose en la energía solar y el almacenamiento de baterías. El acuerdo sigue a una cooperación trilateral en energía limpia entre Italia, Albania y Emiratos Árabes Unidos, valorada en aproximadamente 1.000 millones de euros.
Según el acuerdo, ambas partes presentarán proyectos potenciales, con Solterra realizando análisis de viabilidad. Una vez que se obtengan resultados positivos y haya aprobación mutua, Solterra gestionará el desarrollo del proyecto, mientras que N2OFF se encargará de la financiación. La colaboración se basa en empresas conjuntas existentes en Alemania e Italia, incluyendo un proyecto de energía solar PV de 111 MWp en Melz, Alemania, y dos sistemas de almacenamiento de energía en baterías en Sicilia (98 MWp/392 MWh cada uno).
N2OFF (NASDAQ: NITO)는 Solterra Energy와 알바니아에서 태양 에너지 및 배터리 저장소 중심의 재생 가능 에너지 프로젝트에 대한 독점 협력을 위한 구속력 있는 계약을 1년 동안 체결했습니다. 이 협정은 이탈리아, 알바니아 및 UAE 간의 약 10억 유로 규모의 삼자 청정 에너지 협력에 따른 것입니다.
계약에 따라 양측은 잠재적인 프로젝트를 제안하고 Solterra는 타당성 분석을 수행합니다. 긍정적인 결과와 상호 승인이 이루어지면, Solterra는 프로젝트 개발을 담당하고, N2OFF는 자금 조달을 맡게 됩니다. 이 협력은 독일과 이탈리아에서의 기존 합작 투자에 기반하고 있으며, 독일 멜츠에 위치한 111 MWp 태양광 프로젝트와 시칠리아에 있는 두 개의 배터리 에너지 저장 시스템(각각 98 MWp/392 MWh 포함)이 포함됩니다.
N2OFF (NASDAQ: NITO) a signé une feuille de termes contraignante avec Solterra Energy pour une collaboration exclusive sur des projets d'énergie renouvelable en Albanie pendant un an, axée sur l'énergie solaire et le stockage des batteries. Cet accord fait suite à une coopération trilatérale sur l'énergie propre entre l'Italie, l'Albanie et les Émirats Arabes Unis, d'une valeur d'environ 1 milliard d'euros.
Dans le cadre de l'accord, les deux parties présenteront des projets potentiels, Solterra effectuant des analyses de faisabilité. En cas de résultats positifs et d'approbation mutuelle, Solterra gérera le développement du projet, tandis que N2OFF s'occupera du financement. La collaboration s'appuie sur des coentreprises existantes en Allemagne et en Italie, y compris un projet photovoltaïque de 111 MWp à Melz, en Allemagne, et deux systèmes de stockage d'énergie par batteries en Sicile (98 MWp/392 MWh chacun).
N2OFF (NASDAQ: NITO) hat ein verbindliches Term Sheet mit Solterra Energy über eine exklusive Zusammenarbeit an erneuerbaren Energieprojekten in Albanien für ein Jahr unterzeichnet, wobei der Schwerpunkt auf Solarenergie und Batteriespeicherung liegt. Die Vereinbarung folgt einer trilateralen Zusammenarbeit im Bereich der sauberen Energie zwischen Italien, Albanien und den VAE, die auf etwa 1 Milliarde Euro geschätzt wird.
Im Rahmen des Vertrags werden beide Parteien potenzielle Projekte präsentieren, wobei Solterra Machbarkeitsanalysen durchführen wird. Bei positiven Ergebnissen und gegenseitiger Zustimmung wird Solterra die Projektentwicklung leiten, während N2OFF die Finanzierung übernimmt. Die Zusammenarbeit basiert auf bestehenden Joint Ventures in Deutschland und Italien, einschließlich eines 111 MWp großen PV-Solarprojekts in Melz, Deutschland, sowie zwei Batteriespeichersystemen in Sizilien (jeweils 98 MWp/392 MWh).
- Secured exclusive partnership for renewable energy projects in Albania
- Part of a larger €1 billion trilateral agreement between Italy, Albania, and UAE
- Existing successful projects in Germany (111 MWp) and Italy (2x 98 MWp/392 MWh)
- German project received municipal approval with 10% additional grid capacity
- Development timeline of 18-24 months for Italian projects indicates long wait for revenue
- Agreement subject to multiple conditions and approvals
- one-year exclusivity period for Albanian projects
Insights
The strategic expansion into Albania's renewable energy market through this exclusive partnership warrants careful analysis from multiple angles. The timing is particularly opportune, aligning with the €1 billion trilateral agreement between Italy, Albania and UAE, which could provide significant tailwinds for project development and financing.
The track record of successful collaborations between N2OFF and Solterra is noteworthy. Their German project in Melz demonstrates technical sophistication with its 111 MWp capacity and 10% additional grid connection capacity, while the Italian BESS projects (196 MWp/784 MWh total) show capability in advanced energy storage solutions. This expertise positions them well for Albanian market entry.
Several critical factors enhance the strategic value of this partnership:
- Albania's growing renewable energy sector, with 500 MW capacity addition in recent years, indicates strong market momentum
- The underwater cable connection to Italy creates a unique export opportunity, potentially ensuring stable revenue streams
- UAE's involvement could facilitate project financing and technical expertise
However, investors should consider key risk factors:
- The one-year exclusivity period creates time pressure for project development
- Success depends on positive feasibility analyses and securing financing
- Albanian regulatory and grid infrastructure may present unexpected challenges
- Project execution risks in a relatively new market
The partnership's structure, with Solterra handling development and N2OFF managing financing, leverages each party's strengths. The potential to tap into the broader European energy market through cross-border power transmission adds a compelling strategic dimension to this collaboration.
This new collaboration was driven by the successful fast tracking of joint projects in Germany and Italy follows the recently signed three-way clean energy cooperation agreement between Italy, Albania, and the United Arab Emirates
Neve Yarak, Israel, Feb. 10, 2025 (GLOBE NEWSWIRE) -- N2OFF, Inc. (NASDAQ: NITO) (FSE:80W) (“N2OFF” and the “Company”), a clean tech company engaged in sustainable solutions for energy and innovation for agri- tech, announced today it has signed a binding term sheet with Solterra Energy Ltd. ("Solterra") to collaborate exclusively on renewable energy projects in Albania for one year, focusing primarily on solar energy and battery storage. Under this agreement, which was announced on January 23, 2025, the parties will look to present potential Projects, introduced through their local relationships, while Solterra will conduct feasibility analyses. If the analyses yield positive results and both parties approve, Solterra will handle project development, and Nito will oversee financing, either directly or through a financing partner.
In January 2025, Italy, Albania, and the United Arab Emirates have entered into a trilateral agreement to develop renewable energy projects in Albania, focusing on solar and wind power. The UAE will leverage its expertise to produce clean energy in Albania, with a portion of the generated power transmitted to Italy via an underwater cable. Albanian Prime Minister, estimates the deal's value at approximately
N2OFF Inc. and Solterra have initiated significant renewable energy projects in Germany and Italy. These collaborations underscore N2OFF and Solterra's commitment to advancing renewable energy infrastructure in Europe.
Germany: The joint venture is developing a 111 MWp solar photovoltaic (PV) project in Melz, Germany. This project has secured municipal approval and an indicative grid connection solution from a regional energy service provider. Notably, the approved grid connection capacity exceeds initial requirements by approximately
Italy: N2OFF and Solterra's subsidiary, Solterra Brand Services Italy, have signed a binding Letter of Intent to develop two Battery Energy Storage Systems (BESS) in Sicily, each with a capacity of 98 MWp/392 MWh. These projects have received approval for connection capacity from Terna SpA, Italy's transmission system operator. Development is expected to take 18-24 months to reach a Ready-to-Build stage.
This collaboration is subject to several conditions, including mutual agreement on development and financing terms, corporate approvals, and compliance with applicable laws.
About N2OFF Inc:
N2OFF, Inc. (formerly known as Save Foods, Inc.) is a clean tech company engaged in sustainable solutions for energy and innovation for agri- tech. Through its operational activities it delivers integrated solutions for sustainable energy, greenhouse gas emissions reduction and safety, quality solutions for the agri- tech market. NTWO OFF Ltd., N2OFF's majority-owned Israeli subsidiary, aims to contribute in tackling greenhouse gas emissions, offering a pioneering solution to mitigate nitrous oxide (N2O) emissions, a potent greenhouse gas with 310 times the global warming impact of carbon dioxide. NTWO OFF Ltd., aims to promote agricultural practices that are both environmentally friendly and economically viable. N2OFF recently entered the solar PV market and will provide funding to Solterra Renewable Energy Ltd. for the current project in the total Capacity of 111 MWp, as well as potential future projects. Save Foods Ltd., N2OFF's majority-owned Israeli subsidiary, focuses on post-harvest treatments in fruit and vegetables to control and prevent pathogen contamination. N2OFF also has a minority ownership in Plantify Foods, Inc., a Canadian company listed on the TSXV that offers a wide range of clean-label healthy food options. For more information on Save Foods Ltd. and NTWO OFF Ltd. visit our website: www.n2off.com.
Forward-looking Statements:
This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995 and other Federal securities laws. Words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates” and similar expressions or variations of such words are intended to identify forward-looking statements. Because such statements deal with future events and are based on our current expectations, they are subject to various risks and uncertainties including the success of our collaboration with Solterra, entry into future projects, our ability to successfully enter the solar PV sector, the profitability of such industry, and the potential added value of the increased capacity. Actual results, performance or achievements could differ materially from those described in or implied by the statements in this press release. The forward-looking statements contained or implied in this press release are subject to other risks and uncertainties, including market conditions as well as those discussed under the heading “Risk Factors” in N2OFF’s Annual Report on Form 10-K filed with the SEC on April 1, 2024, and in any subsequent filings with the SEC. Except as otherwise required by law, we undertake no obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. References and links to websites have been provided as a convenience, and the information contained on such websites is not incorporated by reference into this press release. We are not responsible for the contents of third-party websites.
Investor Relations Contact:
Michal Efraty
michal@efraty.com
FAQ
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