Blue Sphere Announces Memorandum of Understanding With Takoradi Metropolitan Assembly
EVEN YEHUDA, Israel, November 8, 2011 /PR Newswire/ --
Blue Sphere Corp. (OTCBB: BLSP) (the 'Company' or 'Blue Sphere'), a company in the Cleantech sector as an emission reduction and renewable energy project integrator, is pleased to announce that it has signed a memorandum of understanding with the Takoradi Metropolitan Assembly to reduce emissions at the Sofokrom sanitary landfill in Takoradi, Ghana.
The Project will comprise the installation of a gas collection system and flare at the Sofokrom open landfill site in Takoradi Ghana. The initial investment to commence the gas collection and flare component of the project is expected to be approximately $700,000.
The landfill site was opened in 1998 and is expected to receive waste until 2020. As such, the landfill will continue to create and emit methane until 2040.
There is potentially the option of power generation and / or to sell the landfill gas to local residents for cooking fuel, subject to economic factors. As the landfill is in use, sanitary and high-organic content wastes are created on a daily basis - the required ingredients for successful power generation.
Experts related to Blue Sphere visited the site earlier this year and advised that it is a viable site for a project. The Company is now evaluating the various implementation options. The potential emission reduction of the project is more than 30,000 CER's annually starting in 2013 and rising progressively to over 100,000 CER's annually in 2023 and then falling each year to 75,000 CER's in 2031. Assuming an average CER price of $13.00, Blue Sphere will recoup 100% of its investment in approximately 2 years. Thereafter Blue Sphere would still receive 75% of the gross income. If and when Blue Sphere decides to install power generation equipment, the financial terms will be separately agreed with the Takoradi Assembly.
'This represents an excellent opportunity for Blue Sphere that can commence in the near term. We have completed the feasibility study and the Takoradi Assembly is keen to begin the project. ' said Shlomi Palas, CEO of Blue Sphere Corp.
About Blue Sphere Corp.
Blue Sphere Corp. is a company in the cleantech sector as an Emission Reduction Project Integrator. Blue Sphere develops projects for greenhouse gas emission reduction and renewable energy production. The Company aspires to become a key player in the global carbon reduction market, helping enterprises with high pollution emissions achieve their green goals. For further information please visit the Company's website http://www.bluespherecorporate.com
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and as that term is defined in the Private Litigation Reform Act of 1995, which are subject to risks and uncertainties and may change at any time. Among these are: (i) uncertainties regarding our ability to obtain adequate financing on a timely basis including financing for the projects described in this release and other specific projects, (ii) uncertainties regarding the future of the Kyoto Protocol and binding greenhouse gas warming commitments of industrialised countries, (iii) uncertainties regarding the market for and value of carbon credits including carbon credits associated with industrial gases, as well as the duration and amount of estimated emissions from specific projects, (iv) political and governmental risks associated with the foreign countries in which we operate, (v) unanticipated delays associated with project implementation including designing, constructing and equipping projects, as well as delays in obtaining required host country and United Nations approvals, (vi) the development stage of our business and (vii) our lack of operating history. As such, there is no assurance that the initiatives described in the press release will be successfully implemented or meet expectations.
The Company assumes no obligation to update the information in this release.
For further information please contact Sam White at 888-309-9088 or email@example.com
SOURCE Blue Sphere Corp.