The LOI is part of the company’s strategy to acquire fully operational, revenue generating waste-to-energy facilities in select global markets.
Under the LOI, Bluesphere will acquire about 100% of the seller’s rights, title and interest to seven anaerobic digestion facilities in Italy.
The facilities have long term agreements with local utilities that are purchasing energy generated from them.
The plants are expected to have an internal rate of return of more than 25%, and if acquired, would generate strong immediate cash for Bluesphere.
Bluesphere CEO Shlomi Palas said: "This marks a huge milestone for our Company. We have swiftly implemented our intended strategy of creating near-term revenues and positive cash flows through acquisition.
"In addition there are 9 more 1 megawatt facilities in Italy with at least one year of operating history that we are currently evaluating for our portfolio."
Bluesphere develops waste-to-energy and several other renewable energy projects.
