US Firm Continues Italian Biogas Buying Spree : Blue Sphere to Acquire 1MW Italian Anaerobic Digestion Plant
Charlotte, North Carolina based waste to energy project developer, Blue Sphere Corporation (OTCQB: BLSP) has signed an deal to acquire a 1MW Italian biogas plant from Agrilandia Societa Agricola a r.l.
According to the company, as proposed in the term sheet, it 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, S.p.A (GSE).
GSE is a state owned company that promotes and supports renewable energy sources in Italy, under a power purchase agreement. Blue Sphere said that the PPA runs through December 31, 2027.
The proposed purchase price for the transaction was said to be around $4.8 million at the current Euro to Dollar exchange rates - or approximately 4.5 times EBITDA.
The company said that the purchase price will be paid in a combination of cash at closing and the assumption of bank debt from the sellers.
Blue Sphere added that its Italian operating partner, Austep, S.p.A, will guarantee the annual EBITDA, which is expected to be approximately $1 million per year. The Austep, S.p.A financial guarantee is to be be further backed by an insurance policy.
Closing the deal is subject to certain conditions.
Shlomi Palas, the Company’s CEO, commented, “This is the yet another step in the execution process of developing the many projects in our pipeline of waste to energy facilities.”
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