(Bloomberg) — Blue Sphere Corp., an Israeli developer of
waste-to-energy projects, has agreed to form a joint venture
with York Capital Management to build and operate a U.S. biogas
facility.
Blue Sphere will own 22.75 percent of the 3.2-megawatt
plant in Johnston, Rhode Island, the Even Yehuda, Israel-based
company said in a statement Monday.
This is Blue Sphere’s second joint-venture agreement this
year to build a U.S. facility. The other is for a plant in North
Carolina.
Blue Sphere is receiving $1,481,900 in cash and will get
two additional $562,500 payments in line with operational
milestones expected in the fourth quarter. Entropy Investment
Management is helping to manage the project.
Karl Schilling, a Blue Sphere spokesman, didn’t immediately
return a phone message seeking further comment.
To contact the reporter on this story:
Justin Doom in New York at
jdoom1@bloomberg.net
To contact the editors responsible for this story:
Reed Landberg at
landberg@bloomberg.net
Carlos Caminada, Steven Frank