JV closed for 5.2MW biogas plant in US
Blue Sphere, a developer of waste-to-energy projects, has closed a joint venture to build and operate a 5.2MW biogas plant in Charlotte, North Carolina, with affiliates of York Capital Management.
Under the terms of the JV, Blue Sphere owns 25% of the project. The company received an initial payment of $1,250,000 (€1,108,000) in cash at the closing with a second payment of $1,175,000 to be paid in two equal instalments of $587,500 later in 2015 upon the project's achievement of each mechanical completion and commercial operation.
'We closed on a joint venture to develop a significant food waste-to-energy facility in the US, which is anticipated to commence production and sale of electricity of during Q4 2015,' comments Blue Sphere CEO Shlomi Palas.