N2OFF (NITO) said Tuesday that it has signed a non-binding letter of intent with SB Impact 4 and Solterra Brand Services Italy to invest in and develop up to four utility-scale battery energy storage projects in Italy's Puglia region, with a potential total capacity of 380 megawatts.
The agreement builds on an existing development service agreement between Solterra and SB Impact 4, which granted a 60-day exclusivity period for SB Impact 4 and N2OFF to evaluate and potentially acquire the projects.
Some project sites have secured grid access, while others remain in early development, the company said.
The projects are part of the joint venture between N2OFF and Solterra Renewable Energy. Under the LOI, SB Impact 4 will acquire one or more projects and integrate them into the existing development service agreement, N2OFF said.
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