LONDON--(BUSINESS WIRE)--Blue Sphere Corp. (OTCBB: BLSP) (the "Company" or “Blue Sphere”), a company in the Cleantech sector as an Emission Reduction project integrator, is pleased to announce that it has signed a term sheet for renewable energy projects in Greece and Cyprus.
The projects are: a 990 Kilo Watt biomass gasification project in Koutsopodi, located near Argos, Greece; a combined 2.5 Mega Watt biomass anaerobic digestion and gasification project in Marki, Cyprus; and a 2 Mega Watt biomass gasification project in Dhali, Cyprus.
The Greek project will use olive biomass residue to generate electricity. The Cyprus projects will utilize clean biomass residue from a variety of sources to generate electricity. Each of the projects will have the benefit of a power purchase agreement with the local grids (with guarantees from the Greek and Cyprus governments) at premium rates and a biomass supply agreement with local companies in each case for a term of 20 years.
The projects have already received equity commitments for 20% of the amount to be invested. The permitting process has begun and recent changes in applicable law have streamlined this process so that permits can be expected in 3-6 months’ time.
“This is an excellent opportunity for Blue Sphere to work with olive biomass and to generate electricity. This could potentially open up a market for the use of olive biomass in countries where olive growing is big business. We look forward to beginning work on these projects and will continue to update our investors about the permit process. ” said Shlomi Palas, CEO of Blue Sphere Corp.
For further information please contact Sam White at 888-309-9088 or info@bluespherecorporate.com
About Blue Sphere Corp.
Blue Sphere Corp. is a company in the cleantech sector as an Emission Reduction Project Integrator. Blue Sphere develops projects for greenhouse gas emission reduction and renewable energy production. The Company aspires to become a key player in the global carbon reduction market, helping enterprises with high pollution emissions achieve their green goals. For further information please visit the Company's website 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. Among these are: (i) uncertainties regarding our ability to obtain adequate financing on a timely basis including financing for the projects described in this release and other specific projects, (ii) uncertainties regarding the future of the Kyoto Protocol and binding greenhouse gas warming commitments of industrialised countries, (iii) uncertainties regarding the market for and value of carbon credits including carbon credits associated with industrial gases, as well as the duration and amount of estimated emissions from specific projects, (iv) uncertainties regarding the market for privately-produced renewable energy and the ability of the local grids to purchase and pay therefor, (v) political, governmental and sovereign risks associated with the foreign countries in which we operate, (vi) unanticipated delays associated with project implementation including designing, constructing and equipping projects, as well as delays in obtaining required host country and United Nations approvals, (vii) the development stage of our business and (viii) 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.