Israel-based N2OFF said it is entering the PV sector by lending €375,000 to Israeli PV developer Solterra Renewable Energy. The loan is part of a larger €500,000 plan, with other, unspecified parties to provide the remaining €125,000.
“Solterra is currently active in three primary target markets: Italy, Poland, and Germany, managing a portfolio of at various stages of solar PV development with a total cumulative capacity of approximately 300 MW,” the company said in a statement.
According to Solterra’s website, its “founders and management have decades of experience, a proven track record, and global success in large international renewable energy companies. Our regional branches are easily accessible and comprise local professionals who speak the native language and understand the cultural needs and complexities.”
N2Off operates in the cleantech industry through three subsidiaries. Save Foods focuses on post-harvest treatments for fruit and vegetables. NTWO OFF promotes agricultural practices to reduce nitrous oxide (N2O) emissions. Plantify Foods offers clean-label healthy food options.
“In recent months, we identified what we believe is an attractive opportunity in the growing solar PV market,” said N2OFF CEO David Palach. “Our decision to enter this field was primarily driven by our collaboration with the experts from Solterra, who have experience leading solar PV projects. The current loan agreement marks the beginning of a collaboration we believe could have great potential for profitability and revenue generation in future projects.”
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N2OFF’s entry into the solar business is a noteworthy development in the cleantech sector. The partnership with Solterra Renewable Energy and the investment of €375,000 is a clear sign of commitment to renewable energy.