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Blue Sphere Working To Add Capacity
Blue Sphere Working To Add Capacity.
About this update from Blue Sphere Corp
[{"type":"text","content":"\n\n\n\nBlue Sphere Working To Add Capacity\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\nBlue Sphere Working To Add Capacity\nBlue Sphere Signs Term Sheet to Acquire 1MW Biogas Plat in Tortona, Italy.\nPR Newswire\nCHARLOTTE, N.C., April 4, 2016\n\n\n\nCHARLOTTE, N.C., April 4, 2016 /PRNewswire/ -- Blue Sphere Corporation (OTCQB: BLSP) (the \"Company\" or \"Blue Sphere\"), a clean-tech independent power producer that develops, owns and manages waste-to-energy facilities globally, announced today that the Company has signed an exclusive term sheet to acquire a 1MW waste-to-energy biogas plant from Agrilandia Societa Agricola a r.l. (the \"Plant\").  \n\nAs proposed in the term sheet, Blue Sphere shall acquire a 100% interest in the Plant, the land where the Plant is built (approximately 2 hectares) and the feedstock inventory.  The proposed acquisition also includes all operating agreements including the remainder of the power purchase agreement (PPA) that is in place with Gestore del Servizi Energetici, S.p.A (GSE). GSE is a state owned company that promotes and supports renewable energy sources in Italy, under a power purchase agreement.  The Plant's PPA runs through December 31, 2027.\n\nThe proposed purchase price contemplated for the transaction is approximately $4,811,436 at the current Euro to Dollar conversion rates or approximately 4.5 times EBITDA.  The purchase price will be paid in a combination of cash at closing and the assumption of bank debt from the sellers.\n\nAustep, S.p.A, our operating partner and a global leader in waste to energy technology and management shall guarantee the annual EBITDA, which is expected to be approximately $1m.  The Austep, S.p.A financial guarantee shall be further backed by an insurance policy underwritten and issued by a leading insurance provider. \n\nThe closing with the seller is subject to certain conditions including, but not limited to, the completion of due diligence by Blue Sphere and delivery to Blue Sphere prior to the execution of definitive agreements, all rights, permits, licenses...