EVEN YEHUDA, Israel, December 7, 2012 /PRNewswire/ --
Blue Sphere Corp. (OTCBB: BLSP) (the "Company" or "Blue Sphere"), a company in the Cleantech sector as a waste-to-energy and clean energy project integrator, is pleased to announce that it received earlier this week approval from the Government of Ghana for implementation of its first African landfill gas-to-energy project at the Oti Sanitary Landfill in Ghana. The Oti project is to be the first of many projects the Company intends to implement in Africa under its pan-African landfill gas-to-energy program that is registering with the United Nations under the auspices of the Kyoto Protocol. Under the rules of the Kyoto Protocol, receipt of approval from the Government of Ghana for the first project will allow the Company to register the program with the United Nations, which will lock-in the right to implement an indefinite amount of landfill gas-to-energy projects across Africa for the next 30 years. The Company estimates that each landfill gas project it implements will bring it between Euro 200,000 to 800,000 in annual revenue for a minimum of 21 years.
Blue Sphere already has 5 signed landfill projects in Ghana and has identified several other promising sites in Ghana, Nigeria and elsewhere that it hopes to sign in 2013. Four of these sites are ready to commence landfill gas extraction projects within the framework of the Kyoto Protocol. The fifth site will be ready to commence a project in 2013 or 2014. Four of these sites also have the potential to produce renewable energy.
The Company is in the process of negotiating a sale of the energy to be produced from its Ghanaian landfill sites to the Electricity Company of Ghana. The applicable rate per kw/hr is expected to be announced in the first half of 2013, when Ghana officially publishes its landfill gas-to-energy feed-in tariff.The Company has already sold forward the carbon credits from its first nine projects to one of Europe's largest utilities and energy traders. Blue Sphere has already secured full funding for the implementation of the first two sites in Ghana. The party investing the funds is also prepared to consider funding the other sites, as well. "This represents a major break-through for the Company. So long as we register the first project in 2012, which we are doing, we will have the right to implement as many projects as we want over the next 30 years and receive carbon credit revenue. We believe that Africa is the world's next growth story and as economies expand and population increases, monetizing waste will become more and more attractive. We have enlisted some of the world's best and most experienced partners to implement these projects and by the time we commission the Oti Site, we will have entered into both a long-term power purchase and carbon credit purchase agreements." said Shlomi Palas, CEO of Blue Sphere Corp. About Blue Sphere Corp.
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