2.5 MW Biogas Facility Planned for Brabant : Blue Sphere Deal to Develop $24m Anaerobic Digestion Plant in Netherlands
Charlotte, North Carolina based biogas and waste to energy project developer, Blue Sphere Corporation (OTCQB: BLSP), has entered into a non-binding Letter of Intent with Dutch firm, BTPB Holdings BV to develop a waste to energy facility in the Brabant province of the Netherlands.
Blue Sphere explained that BTPB is currently establishing an integrated waste solution in Brabant, and intends to work with it to construct and operate a waste to energy plant.
As part of the agreement Blue Sphere said that it will enter into a long term lease agreement with BTPB. It will develop, own and operate an Anaerobic Digester plant that will generate at least 2.5MW of electricity and 1500 m3/h of upgraded biogas.
In accordance with the LOI it is expected that the contemplated facility would cost approximately $24 million to construct and take around twelve months to build.
Blue Sphere added that prior to its completion of due diligence it is expects BTPB to have in place all rights necessary to lease the site to the it.
It also expected that BTPB will have delivered to Blue Sphere prior to the execution of a definitive agreement, all rights, permits, licenses, approvals and agreements required for the ownership, construction and operation of the facility, including all governmental and regulatory approvals as well as feedstock supply agreements and power purchase agreements for the purchase of the electricity and gas produced by the facility.
Shlomi Palas, the Company’s CEO, commented, “We are very excited to have signed this Letter of Intent to develop such an important project. This is the first step in the execution process of developing the many projects in our pipeline of waste-to-energy facilities.”
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