EVEN YEHUDA, Israel, July 10,
2014 /PRNewswire/ --
Bluesphere Corp. (OTCBB: BLSP) (the "Company" or "Bluesphere"),
a clean energy company that develops, manages and owns
waste-to-energy projects, announced today the receipt of a term
sheet from Energy Power Partners ("EPP") for full equity financing
of over $15 million for its 3.2
megawatt (MW) waste-to-energy project in Johnston, Rhode Island. The facility will
generate clean electricity from biogas derived from organic
waste.
Bluesphere and EPP have agreed to enter into a final, definitive
agreement by no later than August 30,
2014 pursuant to which the funds will be made available to
the Company in cash for the construction and implementation of the
Johnston project subject to
completion of final due diligence by EPP.
"We already launched the Johnston project based on our own funds and
other agreements entered into for the financing of this anaerobic
digestion facility. However, EPP is an extremely desirable
partner not only for its expertise and experience in implementing
projects of this nature, but also because it is offering to finance
this project with 100% equity. Not having debt creates
greater cash flow and minimizes restrictive covenants.
Bluesphere will maintain a meaningful equity stake in the
project, while also earning project management fees and
profit-sharing with build-in performance incentives. This is
another huge milestone in the development of this project," stated
Bluesphere CEO Shomi Palas. "We have
started the Johnson project on time and we anticipate reaching
commercial operations and delivering power by December 2015."
Bluesphere recently announced it signed a Letter of Intent with
a company in the recycling and waste industries which will supply
between 100-200 tons of organic waste per day to the Johnston waste-to-energy facility. Agreements
and other Letters of Intent are in place for a 15 year electricity
purchase agreement, site lease with purchase option, compost
off-take agreement, and EPC contractor.
Bluesphere generates electricity from biogas derived from
organic waste, which is mostly food waste, and sells this
electricity to leading electric companies through long-term power
purchase agreements. Waste-to-energy is one of the fastest growing
segments in the renewable energy markets. According to SBI Energy,
the thermal and biological segments reached $6 billion in 2012 and will reach $29 billion by 2022.
About Energy Power Partners
Energy Power Partners is a private equity fund manager for
institutional investors wanting to take advantage of growing
renewable investment opportunities in United States. EPP targets small to
medium-sized base load renewable power projects with contracted
cash flows and long term capital appreciation. The partners of the
team are among the most experienced in the renewable industry and
have collectively invested over $12
billion in 91 relevant renewable investments, with a 25 year
track record of successful equity and debt investment across a
diverse range of renewable technologies. For more information,
visit http://www.energypowerpartners.com.
About Bluesphere Corporation
Bluesphere Corporation is a company in the cleantech sector as a
waste-to-energy project Integrator. Bluesphere develops
waste-to-energy and other renewable energy projects. The Company
aspires to become a key player in the global waste-to-energy and
renewable energy markets. For further information please visit the
Company's website http://www.bluespherecorporate.com
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, Section
21E of the Securities Exchange Act of 1934 and as that term is
defined in the Private Litigation Reform Act of 1995, which are
subject to risks and uncertainties and may change at any time.
These statements are only predictions and involve known and unknown
risks, uncertainties and other factors including, without
limitation, (i) uncertainties regarding our ability to obtain
adequate financing on a timely basis including financing for
specific projects, (ii) the financial and operating performance of
our projects after commissioning, (iii) uncertainties regarding the
market for and value of carbon credits and other environmental
attributes, (iv) political and governmental risks associated with
the countries in which we operate, (v) unanticipated delays
associated with project implementation including designing,
constructing and equipping projects, as well as delays in obtaining
required government permits and approvals, (vi) the development
stage of our business and (vii) our lack of operating history. As
such, there is no assurance that the initiatives described in the
press release will be successfully implemented or meet
expectations.
The Company assumes no obligation to update the information
in this release.
For further information please contact Mark Radom at +972-52-798-0831 or
info@bluespherecorporate.com.
SOURCE Bluesphere Corp.