Core Insights - N2OFF, Inc. has signed a binding term sheet with Solterra Energy Ltd. to collaborate on renewable energy projects in Albania, focusing on solar energy and battery storage for one year [1][3] - A trilateral agreement between Italy, Albania, and the UAE aims to develop renewable energy projects in Albania, with an estimated value of approximately €1 billion [2] - N2OFF and Solterra are also advancing renewable energy infrastructure projects in Germany and Italy, highlighting their commitment to the sector [3] Summary by Category Collaboration and Agreements - The collaboration between N2OFF and Solterra is driven by successful joint projects in Germany and Italy, following a clean energy cooperation agreement among Italy, Albania, and the UAE [1][2] - The agreement allows both companies to present potential projects through local relationships, with Solterra conducting feasibility analyses [1] Project Developments - In Germany, a joint venture is developing a 111 MWp solar photovoltaic project in Melz, which has received municipal approval and an indicative grid connection solution [4] - In Italy, N2OFF and Solterra's subsidiary have signed a Letter of Intent to develop two Battery Energy Storage Systems in Sicily, each with a capacity of 98 MWp/392 MWh, expected to reach a Ready-to-Build stage in 18-24 months [5] Market Context - Albania has increased its renewable energy capacity by approximately 500 MW over the last two years, indicating a growing focus on clean energy solutions [2] - The UAE will utilize its expertise to produce clean energy in Albania, with part of the generated power transmitted to Italy via an underwater cable [2]
N2OFF and Solterra Unite to Pioneer Solar PV Development in Albania