N2OFF has ventured into the solar PV market with an investment in Solterra
It sees the investment as leading to profitability and revenue generation
Solterra is currently active in the markets of Poland, Italy and Germany
Tel Aviv, Israel-headquartered agri-tech company N2OFF has announced its foray into the growing solar PV market, in partnership with solar company Solterra Renewable Energy Ltd..
Solterra, primarily active in the European markets of Poland, Italy and Germany, manages a portfolio at various stages of solar PV development with a combined capacity of close to 300 MW. It has signed a loan agreement for €500,000 from some investors, with N2OFF committing €375,000 of the total.
N2OFF is primarily into post- and near-harvest treatments for fruits and vegetables through its majority-owned Israeli subsidiary Save Foods. With another subsidiary N2WO OFF, it targets to reduce nitrous oxide (N2O) emissions in agriculture to promote economically viable agricultural practices. It has now identified solar PV as an attractive opportunity.
“Our decision to enter this field was primarily driven by our collaboration with the experts from Solterra, who have experience in leading solar PV projects,” explained N2OFF CEO David Palach.
“The current loan agreement marks the beginning of a collaboration we believe could have great potential for profitability and revenue generation in future projects,” added Palach.
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