Cleantech company N2OFF has finalised an agreement with Solterra Renewable Energy subsidiary Solterra Brand Services Italy.
The deal involves the acquisition of two battery energy storage systems (BESSs) by N2OFF in Sicily, each with a 98MWp/392MWh capacity.
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This move signifies N2OFF’s entry into the European energy storage market.
The agreement entails a total investment of up to €2.3m ($2.4m), which will be paid in milestones, granting N2OFF a 70% stake in the projects.
These projects are part of a larger joint venture with Solterra Renewable Energy, focusing on solar and energy storage to meet the growing demand for renewable energy and enhance grid flexibility.
As the renewable energy sector expands, the need for BESSs is becoming increasingly critical for grid stability.
Italy is supporting this transition through the MACSE [Italian Energy Storage Capacity Procurement Mechanism] scheme, planning its first energy storage capacity auctions in the first half of this year, offering 15-year contracts to foster the development of such projects.
The two BESS projects in question have already secured approval for connection capacity from Italian transmission company Terna.
The development phase is expected to last 18 to 24 months before reaching the ready-to-build (RTB) stage.
In January 2025, the 111MWp Melz solar PV project in Germany secured approval from the Melz municipal committee for its statutory plan after a thorough environmental and planning review.
A joint venture between N2OFF and Solterra Renewable Energy is leading the initiative, with the Melz project representing N2OFF’s first foray into the renewable energy sector.
This marks a key step toward achieving RTB status, expected by late 2025. The project has now entered the hearing phase, a crucial final stage in its development.
