EVEN YEHUDA, Israel, Sept. 18, 2013 /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 has signed a binding memorandum of understanding in respect of a 3-6 MW landfill gas to energy project at the Akouedo Landfill in Abidjan, Ivory Coast.
The MoU gives Blue Sphere the ownership of the gas and energy to be produced therefrom in exchange for financing the cost of the project and sharing a portion of the profits with its partner in Ivory Coast.
The Akouedo Landfill services the Abidjan greater metropolitan area and receives up to 4,000 tons of municipal solid waste on a daily basis. An initial site visit was recently completed and the initial projection for the site's energy potential is 3 MW gradually rising over time to 6 MW, as the site receives more waste. In connection with the site visit, Blue Sphere representatives met with the Ivory Coast Ministry of Energy and commenced negotiations on obtaining a long-term power purchase agreement.
"This is now our biggest landfill project in Africa and our initial visit has confirmed that the landfill site is suitable for a gas to energy project. The Ministry of Energy has indicated a strong willingness to cooperate with us and provide us with a power purchase agreement on favourable terms. The next step is to perform an in-depth feasibility study and move the power purchase agreement negotiations to the next level. We have already reached terms with one of the world's leading landfill gas to energy specialists to conduct the feasibility study. We are also speaking to various multilateral and government agencies, as well as private investors, to raise financing for the project. In parallel, we are continuing to work on our anaerobic digester projects in North Carolina and Rhode Island and our other projects in Africa" said Shlomi Palas, CEO of Blue Sphere Corp.
For further information please contact Mark Radom at 972 52 888 0485 or firstname.lastname@example.org.
About Blue Sphere Corp.
Blue Sphere Corp. is a company in the cleantech sector as a waste-to-energy project Integrator. Blue Sphere 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 www.bluespherecorporate.com
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: These statements are only predictions and involve known and unknown risks, uncertainties and other factors including, without limitation, (i) uncertainties regarding our ability to obtain adequate financing on a timely basis including financing for specific projects, (ii) the financial and operating performance of our projects after commissioning, (iii) uncertainties regarding the market for and value of carbon credits and other environmental attributes, (iv) political and governmental risks associated with the countries in which we operate, (v) unanticipated delays associated with project implementation including designing, constructing and equipping projects, as well as delays in obtaining required government permits and approvals, (vi) the development stage of our business and (vii) 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.
SOURCE Blue Sphere Corp.