Blue Sphere to acquire 4 MW of Italian biogas plants, eyes more buys
Israel-based clean-tech firm Blue Sphere Corp (OTCQB:BLSP) said Monday it has agreed to buy 4 MW of biogas power plants in Italy, while it has 13 more acquisition opportunities in the near future.
The company has established Blue Sphere Italy Srl to be in charge of all Italian purchases.
The 4-MW deal involves four fully-operational biogas plants, each of 1 MW. A definitive agreement has been struck with Italian public company Kinexia (FRA:XP31). Blue Sphere expect the acquisition to bring a total annual revenue flow of EUR 8.6 million (USD 9.7m) and EUR 1.1 million in annual cash flow.
“This acquisition represents the initial execution of a long term business strategy geared toward rapidly increasing revenues and adding exceptional assets and cash flow to the Company's balance sheet,” Blue Sphere said. The company aims to be one of the largest players in the waste-to-energy global market.