Blue Sphere to develop biomass projects in Greece, Cyprus

(ADPnews) - Feb 2, 2011 - Hong Kong-based clean tech firm Blue Sphere Corp (OTC:BLSP) on Tuesday said it has agreed to establish three biomass power projects in Greece and Cyprus.

The facilities include a 990 kW biomass gasification plant in Greece, a 2.5 MW combined biomass anaerobic digestion and gasification plant in Cyprus, and a 2 MW biomass gasification project in Cyprus.

The project in Greece will burn olive residues to produce electricity, while the Cyprus projects will use as feedstock clean biomass residue from different sources.

Blue Sphere said it has guarantees from the governments of Greece and Cyprus that it can sign power purchase agreements for the projects with the local grids at premium rates and enter into biomass supply agreements with local companies for 20 years.

Blue Sphere has received equity commitments for 20% of the projects' investment amount by now.

The permitting process has started and approvals are expected in three to six months, the company added.

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