Blue Sphere Corporation Announces Second Closing This Year of Joint Venture for a 3.2 MW Biogas Generation Facility in Johnston, RI.
Blue Sphere CEO Shlomi Palas noted that this is the second closing for the Company in 2015
Johnson, RI - April 20, 2015 -- Blue Sphere Corporation (OTCQB: BLSP) (the "Company" or "Blue Sphere"), a clean energy company that develops, manages and owns waste-to-energy projects, announced today the closing of a joint venture (the "Joint Venture") with an affiliate of York Capital Management to develop, construct and operate a 3.2 MW biogas generation facility in Johnston, RI (the "Project") under the management of Entropy Investment Management.
Under the terms of the Joint Venture, Blue Sphere owns 22.75% of the Project and received an initial payment of $1,481,900 in cash at the closing. Two payments of $562,500 each are expected to be paid later this year upon the Project achieving mechanical completion and commercial operation milestones.
Blue Sphere CEO Shlomi Palas noted that this is the second closing for the Company in 2015, stating "we closed on a joint venture to develop a second significant food waste to energy facility in the United States, which, under the current construction timeline for the Project, is anticipated to commence production and sale of electricity during the fourth quarter of 2015. We booked our second round of revenue in the history of the Company from the cash payment received at the closing of the Joint Venture, and upon successful completion of the Project, expect to earn regular revenue from the sale of electricity, compost and feedstock tipping fees."
Orbit Energy, Inc. ("Orbit"), based in Raleigh, NC, co-developed the Project. Blue Sphere has made arrangements for the inclusion of two of Orbit's high solid anaerobic digester units to work in parallel with the digesters of Austep S.p.A., the Project's EPC contractor, subject to the fulfillment of certain conditions.
About Blue Sphere Corporation
Blue Sphere Corporation is a waste-to-energy project integrator in the cleantech sector. As such, Blue Sphere develops waste-to-energy and other renewable energy projects. The Company aspires to become a key player in the global waste-to-energy and renewable energy markets. For further information please visit the Company's website www.bluespherecorporate.com.
About York Capital Management York Capital Management is an investment management firm with primary offices in New York, London and Hong Kong. The firm, founded in 1991 by James G. Dinan, manages approximately $26 billion employing event-driven investment strategies specializing in arbitrage, special situations and credit opportunities.
About Entropy Investment Management
Entropy Investment Management ("Entropy") is a specialty energy investment management firm with its primary office in Charlotte, NC. The firm, founded in 2013 by David March and Lewis Reynolds, manages certain North and South American renewable energy assets of York Capital Management. As of the end of 2014, Entropy has managed the development of over 80MW of renewable energy in the U.S., with plans for significant growth in 2015 and beyond.