Blue Sphere Corp., a clean energy company that develops, manages and owns waste-to-energy projects, announced the closing of a joint venture to develop, construct and operate a 5.2-MW biogas generation facility in Charlotte, N.C., with affiliates of York Capital Management.
Under the terms of the joint venture, Blue Sphere owns 25% of the project and received an initial payment of $1,250,000 in cash at the closing with a second payment of $1,175,000 to be paid in two equal installments of $587,500 later in 2015 upon the project's achievement of each of mechanical completion and commercial operation.
"We closed on a joint venture to develop a 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," said Blue Sphere CEO Shlomi Palas, "We booked our first revenue in the history of the company from the cash payment received at the closing, and, upon successful completion of the project, expect to earn regular revenue from the sale of electricity and compost and feedstock tipping fees."
Source: Blue Sphere Corp.
