Blue Sphere Completes Acquisition of Multiple Biogas Facilities in Italy
In North Carolina, Blue Sphere announced the acquisition of four operating biogas facilities in Italy, a major milestone in the Company’s history. Blue Sphere has acquired 100% of the stock of Agricerere, S.R.L., Agrielektra, S.r.L., Agrisorse, S.r.L. and Gefa, S.r.L. Individually, each fully operational facility generates one megawatt of electricity per hour which is sold to Gestore del Servizi Energetici GSE, S.p.A., a state owned company that promotes and supports renewable energy sources in Italy, under a power purchase agreement (PPA) that runs through December 31, 2027.
The four biogas facilities combined are expected to generate approximately €8.4M. The Company paid €5.2M plus closing costs to acquire all four biogas facilities including the assumption of certain debt associated with the acquisition of each facility. Fifty percent of the cash component of the purchase price plus closing costs was paid at closing, with the balance due three years from the closing date. These acquisitions represent only four transactions of a pipeline of twenty-five biogas facilities that the Company is evaluating for acquisition in Italy alone the company said.
Category: Fuels
