EVEN YEHUDA, Israel, December 7, 2012 /PR Newswire/ --
Blue Sphere Corp. (OTCBB: BLSP) (the 'Company' or 'Blue Sphere'), a company in the Cleantech sector as a waste-to-energy and clean energy project integrator, is pleased to announce that it received earlier this week approval from the Government of Ghana for implementation of its first African landfill gas-to-energy project at the Oti Sanitary Landfill in Ghana. The Oti project is to be the first of many projects the Company intends to implement in Africaunder its pan-African landfill gas-to-energy program that is registering with the United Nations under the auspices of the Kyoto Protocol. Under the rules of the Kyoto Protocol, receipt of approval from the Government of Ghanafor the first project will allow the Company to register the program with the United Nations, which will lock-in the right to implement an indefinite amount of landfill gas-to-energy projects across Africafor the next 30 years. The Company estimates that each landfill gas project it implements will bring it between Euro 200,000 to 800,000in annual revenue for a minimum of 21 years.
Blue Sphere already has 5 signed landfill projects in Ghanaand has identified several other promising sites in Ghana, Nigeriaand elsewhere that it hopes to sign in 2013. Four of these sites are ready to commence landfill gas extraction projects within the framework of the Kyoto Protocol. The fifth site will be ready to commence a project in 2013 or 2014. Four of these sites also have the potential to produce renewable energy.
The Company is in the process of negotiating a sale of the energy to be produced from its Ghanaian landfill sites to the Electricity Company of Ghana. The applicable rate per kw/hr is expected to be announced in the first half of 2013, when Ghanaofficially publishes its landfill gas-to-energy feed-in tariff.
The Company has already sold forward the carbon credits from its first nine projects to one of Europe'slargest utilities and energy traders.
Blue Sphere has already secured full funding for the implementation of the first two sites in Ghana. The party investing the funds is also prepared to consider funding the other sites, as well.
'This represents a major break-through for the Company. So long as we register the first project in 2012, which we are doing, we will have the right to implement as many projects as we want over the next 30 years and receive carbon credit revenue. We believe that Africais the world's next growth story and as economies expand and population increases, monetizing waste will become more and more attractive. We have enlisted some of the world's best and most experienced partners to implement these projects and by the time we commission the Oti Site, we will have entered into both a long-term power purchase and carbon credit purchase agreements.' 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 Shlomi Palasat +972-50-779-6794 or firstname.lastname@example.org.
SOURCE Blue Sphere Corp.