N2OFF Inc. (NASDAQ: NITO) (FSE: 80W), formerly known as Save Foods, Inc., is renowned for its innovative solutions in the agri-food technology sector, focusing on sustainable practices for agriculture and plant-based food products. Today, the company announced its strategic entry into the solar energy sector. This marks a significant milestone for N2OFF as it diversifies its portfolio and seeks to leverage its expertise in sustainable technologies.
The company has entered into an agreement with Solterra Renewable Energy Ltd., a well-respected name in renewable energy, to fund up to €8 million in solar photovoltaic (PV) projects. This collaboration includes several private investors who are joining N2OFF in supporting these green initiatives. The initial project planned under this agreement is located in Melz, Germany. This project has already received approval from the local municipality and promises to deliver a substantial capacity of 111 MWp (Megawatt peak).
To support the development of this project, N2OFF and its co-investors have committed to loaning a total of €2.08 million. This financial backing is crucial for the project to achieve its Ready-to-Build (RTB) status. Under the terms of the agreement, the loan will be disbursed in stages, contingent upon the completion of specific milestones. Additionally, the loan carries an interest rate of 7% per annum, reflecting the confidence of the investors in the project’s success.
This agreement also entitles N2OFF and the investors to up to 50% of the net earnings from the project, positioning them to benefit significantly from its success. Furthermore, the company and its investors have been granted a right of first refusal for additional project investments of up to €6 million. This strategic move ensures that N2OFF is well-placed to capitalize on future opportunities in the rapidly growing solar energy market.
David Palach, CEO of N2OFF, expressed his excitement about the company’s new venture, stating, “We are thrilled to enter the solar energy sector with our first project. Our aim is to establish a steady revenue stream by financing projects carefully selected by Solterra’s team of experts. The expertise and dedication of Solterra ensure that each project is poised for success, aligning with our mission to support sustainable and environmentally friendly solutions.”
Palach further emphasized the potential of the solar energy market, saying, “Given the growing global demand for alternative energy solutions and the increasing awareness of environmental preservation, we see attractive profit margins in this sector. The transition towards clean energy is not only a necessity for the planet but also a lucrative opportunity for businesses that are forward-thinking. We believe that our involvement in solar energy will contribute significantly to our growth and profitability.”
N2OFF’s entry into the solar energy sector underscores its commitment to sustainability and innovation. By combining its agri-food technology expertise with renewable energy initiatives, the company aims to create a positive impact on the environment while generating robust returns for its investors. With the right of first refusal, N2OFF is well-positioned to expand its investment in future solar projects, further cementing its role as a leader in sustainable technology solutions.
