Blue Sphere Corp. (OTCQB: BLSP) on Jan. 19 released a letter to shareholders from the company’s CEO, discussing accomplishments in calendar year 2015 and a brief outline of plans for 2016.
Blue Sphere ended 2015 with two principal projects in development in the U.S. and acquired four facilities in Italy. In the U.S., its North Carolina and Rhode Island biogas projects received financing, began construction and were nearing completion at the end of 2015.
With the goal of becoming a leader in the sector, the company further realized the importance of developing a pipeline of additional projects in parallel with the development of existing projects. Consequently, it established three mission critical goals for the company for 2016: bringing the North Carolina and Rhode Island biogas projects to full operational status; further developing a pipeline of more lucrative projects in the waste-to-energy sector; and completing one or more acquisitions of operating facilities prior to the end of calendar year 2016.
During last year, company accomplishments included:
- January 2015 – It achieved financial closing in the amount of approximately $27 million with respect to, and became a co-owner of, the North Carolina biogas plant. The North Carolina project is a 5.2-MW biogas facility. To date, the company has completed all primary construction of the facility and expects to commence operation in the first quarter of 2016. The facility has a signed 15-year power purchase agreement to sell power to Duke Energy.
- April 2015 – It achieved a financial closing in the amount of approximately $19 milion with respect to, and became a co-owner of, the Rhode Island biogas plant. The Rhode Island project is a 3.2-MW biogas facility. Blue Sphere said it has completed all primary construction of the facility and expects to commence operation in the first quarter of 2016. The facility has a signed 15-year power purchase agreement to sell power to National Grid.
- December 2015 – It closed on the acquisition of four biogas facilities in Italy with an enterprise value of about $26.4 million.
In terms of new projects, the company said it has issued proposals under two requests for proposals (RFPs) for projects in Massachusetts and Rhode Island.
Overall for 2016, the Company is evaluating acquisition, development and/or participation in approximately $400 million in waste-to-energy projects in the United States, Canada and around the world. However, there is no assurance that it will be able to participate in any or all of these projects.