Blue Sphere Corporation (BLSP) (the "Company" or "Blue Sphere"), a clean-tech waste-to-energy producer that develops, owns and manages waste-to-energy facilities globally, has announced that the Company has entered into a non-binding Letter of Intent with BTPB Holdings BV, a private company incorporated under the laws of the Netherlands ("BTPB") to develop a waste-to-energy facility in the Brabant province of the Netherlands.
BTPB is establishing an integrated waste solution in Brabant, Holland and intends to work with Blue Sphere to construct and operate a waste-to-energy plant.
As part of the agreement with BTPB, Blue Sphere will enter into a long term lease agreement with BTPB. Blue Sphere will develop, own and operate the Anaerobic Digester plant that will generate at least 2.5MW of electricity and 1,500 m3/h of upgraded biogas.
Prior to the completion of due diligence by Blue Sphere, it is expected that BTPB will have in place all rights necessary to lease the site to the Company, and also 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.
Pursuant to the LOI, the contemplated facility would cost approximately $24,250,000 to construct and would take approximately twelve months to build.
Brabant is a region in Holland where innovation, enterprise, partnership and hospitality go hand-in-hand. Global companies such as Abbot, GE Healthcare, Aspen Pharma, Amgen, Janssen and Merck have established operations in the region.
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."