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Blue Sphere Corp.: CEO Update Letter

EVEN YEHUDA, Israel, October 16, 2013 /PRNewswire/ --

Blue Sphere Corp. (OTCBB: BLSP) (the "Company" or "Blue Sphere"), a company in the cleantech sector as an organics-to-energy and clean energy project integrator, is pleased to announce the following update regarding its projects in North Carolina, Rhode Island, Israel, Ivory Coast and Ghana and its pipeline of new projects.

Blue Sphere is striving to become a leader in the organics to energy and clean energy space by securing the rights to implement highly-lucrative projects in the United States and worldwide.  The projects currently in Blue Sphere's portfolio amount to almost 36 MW of annual power production capacity.   There are also 24 MW of power production capacity in various stages of negotiation in our pipeline.    

North Carolina

Our North Carolina project is expected to generate 5.2 MW of electricity from organic waste from the Charlotte metropolitan area.  To-date, the project has in place
  • 15-year power purchase agreement
  • Debt commitment letter
  • Equity term sheet
  • Site purchase agreement
  • Compost off-take agreement
  • Zoning permit
  • EPC contractor
  • Feedstock letters of intent

The environmental and construction permit applications are under preparation.

The next step is to sign on the debt and equity agreements, which are in the final stages of negotiation.  We expect to sign these agreements in the very near future.  

Rhode Island

Our Rhode Island project will generate 3.2 MW of electricity from organic waste from the Charlotte metropolitan area.  To-date, the project has in
  • 15-year power purchase agreement with a 6-year option to extend
  • 15-year lease on the project site with an option to purchase
  • Equity term sheet
  • Debt term sheet
  • Compost off-take agreement
  • EPC contractor
  • Feedstock letters of intent

We expect to begin environmental and construction permit applications in Q4 2013.

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