North Carolina-based Blue Sphere acquires Italian biogas plant
Blue Sphere Corp., a North Carolina-based independent power producer that develops, owns and manages energy-to-waste (EfW) facilities globally, announced it has signed an exclusive term sheet to acquire a 1MW waste-to-energy biogas plant from Agrilandia Societa Agricola in Tortona, Italy.
As proposed in the term sheet, US firm Blue Sphere shall acquire a 100% interest in the plant, the land where the plant is built (approximately 2 hectares) and the feedstock inventory.
The proposed acquisition also includes all operating agreements including the remainder of the power purchase agreement (PPA) that is in place with Gestore del Servizi Energetici, (GSE). GSE is a state owned company that promotes and supports renewable energy sources in Italy, under a power purchase agreement. The Plant’s PPA runs through Dec. 31, 2027.
The proposed purchase price contemplated for the transaction is approximately $4.8 million (€4.26m) at the current euro to dollar conversion rates or approximately 4.5 times EBITDA. The purchase price will be paid in a combination of cash at closing and the assumption of bank debt from the sellers.