Blue Sphere Joins York Capital to Build U.S. Biogas Plant

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.

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