N2OFF, Inc. has finalized a definitive agreement with Solterra Renewable Energy Ltd’s subsidiary, Solterra Brand Services Italy, to acquire and develop two Battery Energy Storage Systems (BESS) in Sicily, Italy, each with a capacity of 98 MWp/392 MWh.
The total investment for the projects is up to €2.3 million, paid in milestones, with N2OFF holding a 70% stake. This move strengthens N2OFF’s entry into the European energy storage market.
The projects are part of a joint venture between N2OFF and Solterra Renewable Energy Ltd. focused on solar and energy storage solutions. With growing demand for renewable energy, energy storage has become essential for grid flexibility. According to DNV’s Energy Transition 2024 report, as storage capacity surpasses 0.5% of grid capacity, demand is increasing for long-term storage solutions.
Italy’s new MACSE scheme, which will hold its first energy storage auctions in 2025, further supports this growth, offering long-term contracts to incentivize energy storage development. The two BESS projects are already approved by Terna SpA and are expected to reach a Ready-to-Build stage in 18-24 months.
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