June 9, 2010 (FinancialWire) (Go to http://www.financialwire.net/?s=ftrdnwswnd for all of today’s featured news.) — Blue Sphere Corp. (OTCBB: BLSP) said that it has signed a non-binding term sheet for the construction and operation of a greenfield biomass-fired cogeneration facility in Henan Province, China. If the project proceeds, Blue Sphere will be the investor and co-developer of the project together with Hanmei Straw Cogeneration Co., Ltd. The company said that there are potentially three sources of income at the project: electricity, heat and CERs. Blue Sphere and its co-developer have estimated that the annual electricity generated could be 140.8 million Kwh, the annual heat supply could be 240,000 m3 and annual CERs could be 172,406.

If the full potential were reached, the annual income from electricity is estimated to be RMB 102.8 million (USD $15 million), income from heat is estimated to be RMB 28.8 million (USD $4.2 million) and income from CERs is estimated to be Euro 1.56 million (USD $1.9 million) calculated as Euro 9.00/CER.

The plant is meant to supply 140,800 MWh of electricity to the Central China power grid and supply 240,000 m3 of heat to local residents and entities annually.

Electricity and heat would be generated by burning biomass residues (straw residues) available within a 35 – 40km radius of the proposed project activity.

Blue Sphere said that the total investment for the project debt and equity is estimated at $38 Million USD.

UK-based Blue Sphere works in the cleantech sector as an emission reduction project integrator. Blue Sphere develops projects for greenhouse gas emission reduction and renewable energy production.

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