EVEN YEHUDA, Israel, June 11, 2014 /PRNewswire/ —
Bluesphere Corp. (BLSP) (the “Company” or “Bluesphere”), a clean energy company that develops, manages and owns waste-to-energy projects, announced today it is pursuing a strategy to acquire fully operational, revenue generating waste-to-energy facilities in select global markets. The Company is augmenting its current build-own-operate model with an acquirer-own-operate strategy in order to create immediate revenue and cash flow generation, putting the Company on a short term path to profitability in the $6 billion global waste-to-energy market.
Bluesphere is currently conducting due diligence on an acquisition opportunity in Italy for 16 anaerobic digestion waste-to-energy 1 MW facilities that have each been fully operational for at least a year. These facilities have long term agreements with local utilities that are purchasing electricity from the plants. Based on due diligence conducted to date, collectively the plants are producing very high EBITDA, are expected to have an internal rate of return (IRR) of greater than 25%, and if acquired, would generate strong immediate cash for Bluesphere.
“By executing on this acquisition strategy, we believe we are accelerating our timeline to significant revenues, EBITDA and profitability, while also reducing risk by acquiring facilities that have a track record of consistent operational performance. The acquisition opportunity in Italy serves as model for Bluesphere’s future acquisitions as we pursue a tremendous global opportunity in the organic waste-to-energy market,” stated Bluesphere CEO Shlomi Palas.
Bluesphere is currently developing two facilities in the U.S. under its build-own-operate model. The first is a 5.2 MW facility in Charlotte, North Carolina slated to become fully operational in 2015. Approximately $23 million in project financing has been secured from a Fortune 50 company and a leading environmental finance fund. One of the largest power holding companies in the U.S. has signed a long-term contract with Bluesphere to purchase electricity generated at the Charlotte plant.
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
