Blue Sphere Corp. (OTCQB: BLSP) announced Feb. 9 the closing of a joint venture to develop, construct and operate a 5.2-MW biogas generation facility in Charlotte, N.C., with affiliates of York Capital Management.
Under the terms of the joint venture, Blue Sphere owns 25% of the project and received an initial payment of $1,250,000 in cash at the closing with a second payment of $1,175,000 to be paid in two equal installments later in 2015 upon the project’s achievement of each of mechanical completion and commercial operation.
Blue Sphere CEO Shlomi Palas said: “We closed on a joint venture to develop a significant food waste to energy facility in the United States, which, under the current construction timeline for the Project, is anticipated to commence production and sale of electricity during the fourth quarter of 2015. We booked our first revenue in the history of the Company from the cash payment received at the Closing, and, upon successful completion of the Project, expect to earn regular revenue from the sale of electricity and compost and feedstock tipping fees.”
Blue Sphere develops waste-to-energy and other renewable energy projects and aspires to become a key player in the global waste-to-energy and renewable energy markets.
York Capital Management is an investment management firm with primary offices in New York, London and Hong Kong. The firm, founded in 1991 by James G. Dinan, manages approximately $24bn employing event-driven investment strategies specializing in arbitrage, special situations and credit opportunities.