US-based Blue Sphere Corp. has signed an agreement to acquire four operating biogas facilities in Italy, each of which with 1 megawatt f capacity.
Blue Sphere signed the agreement with Kinexia, and said the acquisition could take two months to close. Financial details of the deal were not disclosed, but Blue Sphere said the four plants will generate annual revenues of US$10million.
Blue Sphere established Blue Sphere Italy as a wholly-owned subsidiary for all future Italian acquisitions, and anticipates the potential of 13 more acquisitions “in the near future.”
Blue Sphere generates electricity from biogas derived from organic waste, which is mostly food waste, and sells this electricity to leading electric companies through long-term power purchase agreements.