Blue Sphere Corp., an Israeli developer of waste-to-energy projects, has agreed to form a joint venture with York Capital Management to build and operate a U.S. biogas facility.
Blue Sphere will own 22.75 percent of the 3.2-megawatt plant in Johnston, Rhode Island, the Even Yehuda, Israel-based company said in a statement Monday.
This is Blue Sphere’s second joint-venture agreement this year to build a U.S. facility. The other is for a plant in North Carolina.
Blue Sphere is receiving $1,481,900 in cash and will get two additional $562,500 payments in line with operational milestones expected in the fourth quarter. Entropy Investment Management is helping to manage the project.
Karl Schilling, a Blue Sphere spokesman, didn’t immediately return a phone message seeking further comment.