Clean energy company Blue Sphere Corporation will develop, construct and operate a 5.2 MW biogas generation facility in Charlotte, NC. The food-waste-to-energy facility is expected to begin producing and selling electricity during the fourth quarter of 2015.
The project is a joint venture between Blue Sphere and York Capital Management. Under the terms of the joint venture, Blue Sphere owns 25% of the project and received an initial payment of $1.25 million in cash at the closing, with a second payment of $1.175 million to be paid later in 2015.
Blue Sphere CEO Shlomi Palas says the company expects to earn regular revenue from the sale of electricity and compost and feedstock tipping fees.
Last summer, Himark BioGas signed an agreement with NEO Energy for the design, construction, and start-up of three integrated anaerobic digestion and fertilizer plants in Massachusetts and Rhode Island. The AD plants will recycle food waste to produce organic-based fertilizer and renewable electricity.
Waste-to-energy is one of the fastest growing segments in renewable energy, writes CNN Money. SBI Energy says thermal and biological segments reached $6 billion in 2012 and are expected to reach $29 billion by 2022.