Blue Sphere gets operating grant for Dutch biogas project
Blue Sphere Corp (OTCMKTS:BLSP), the US waste-to-energy company, has secured a grant of up to EUR 151.9 million (USD 161m) from the Netherlands Enterprise Agency (RVO) for a biogas project in the country.
The company said today the grant comes under the Renewable Energy Production Incentive Scheme (SDE), which aims to support renewable energy producers. It will be paid directly to the company to incentivise energy produced at its planned anaerobic digester (AD) in Sterksel, Netherlands.
Bluesphere Brabent BV, a wholly-owned subsidiary, is the actual awardee.
The sum of EUR 151.9 million has been calculated based on 12 years of payments for the sale of up to 234.5 GWh per year. To get the grant, Blue Sphere needs to put its biogas plant online within four years of the grant award.
The US company said it will now focus on the finalisation of the engineering, procurement and construction (EPC) agreement. It is also working to conclude the permitting process and the feedstock supply agreements.
Blue Sphere expects that it would need between 12 and 18 months to complete construction of the Sterksel plant after it has secured the needed financing.