A subsidiary of Waste-to-energy company Bluesphere Corp. has signed a Joint Venture Agreement with New York-based asset management group Alfa Eco Corporation.
Bluesphere and Alfa Eco will form a joint venture corporation jointly owned by the companies on a 50-50 basis. The companies will develop turn-key and build-own-operate waste-to-energy projects.
Alfa Eco will provide turnkey and build-own-operate projects with all required components in place, such as power purchase agreements and feedstock, while Bluesphere will arrange full financing and project integration on the waste-to-energy projects.
“We are very pleased to form this joint venture corporation with Alfa Eco, a company which has resources and relationships that can support the development of numerous joint waste-to-energy projects in partnership with Bluesphere,” said Bluesphere CEO Shlomi Palas in a statement to media. “Our ability to establish joint ventures, project financing, and long-term revenue contracts with energy industry leaders such as Alfa Eco is a testament to Bluesphere's capabilities and reputation in the waste-to-energy market,” Palas added.
Alfa Eco is a leading private business group that consists of direct investment funds owning and managing assets in a range of industries, including energy in the U.S. and abroad.
Bluesphere 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. Waste-to-energy is one of the fastest growing segments in the renewable energy markets. According to SBI Energy, the thermal and biological segments reached $6 billion in 2012 and will reach $29 billion by 2022.