Israel-based Bluesphere Corp. has reported recognition of its receipt of the air permit from Mecklenburg County for its 5.2 MW Waste-to-Energy Project in Charlotte, North Carolina.
Bluesphere is the project owner, developer and manager for a 5.2 MW organics-to-energy anaerobic digester. The facility will intake organic waste such as food and farm waste that would normally go into landfills. The organic waste is processed in an anaerobic digester to emit biogas, which then is turned into electricity and compost is a by-product. The facility generates revenues from intake of organic waste, as well as the sale of clean, renewable electricity, and the sale of compost.
A Fortune 50 company has signed on to provide over $14 million in debt project financing for the facility and a leading environmental finance fund will provide equity project financing of $8.0 million, with an additional $1.5 million to be kept in reserve.
One of the largest power holding companies in the U.S. has a signed a long-term contract with Bluesphere to purchase electricity generated at the Charlotte plant.
Compost, which is a by-product of the organics-to-energy generation process, will be purchased under a contractual agreement, by one of the largest privately held composting companies in the world.
Blue Sphere is developing its second U.S. organics-to-waste facility in Rhode Island and by 2018 the company plans to have 11 facilities built with 6 more under construction and development.