Blue Sphere Announces The Signing Of A Binding Memorandum Of Understanding In Respect Of A 10 MW Organic Waste To Energy Project In Accra, Ghana

EVEN YEHUDA, Israel, Sept. 16, 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 ("MoU") in respect of a 10 MW organic waste to energy project in Accra, Ghana.

The MoU gives Blue Sphere the right to receive and anaerobically digest up to 1,000 tons a day of pre-sorted organic waste from the new transfer station to be opened in Accra in early 2014. 

Blue Sphere's partner in the project, J. Stanley Owusu Group of Companies, one of Ghana's leading companies in the waste collection and disposal industry ("JSO"), is in the final phase of construction of a transfer station to receive all of the municipal solid waste ("MSW") to be collected on a daily basis in Accra.  Initially, volumes to be collected will start at 250 tons per day growing to 1,000 tons within 6-12 months of opening.  JSO has offered Blue Sphere a suitable premises near the transfer station on which to construct and operate the project.  Ghana published last week a feed-in tariff for waste to energy projects of USD 11.6 cents per kw/hr, which means that the project will generate almost USD 10,000,000 in annual revenue.  The term of the project is 30 years.

JSO has committed in the MoU to finance 50% of the equity to be invested in the project.

"This is now our biggest project anywhere in the world.  We are already preparing a preliminary design and development plan for the project and have commenced negotiations for a long-term power purchase agreement at the FIT rate.  We are also speaking to various multilateral and government agencies, as well as private investors, to raise financing for the project," said Shlomi Palas, CEO of Blue Sphere Corp.

For further information please contact Mark Radom at 972 52 888 0485 or [email protected].

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

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: 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.