Blue Sphere Corp. (OTCPK:BLSP) signed an exclusive term sheet to acquire 1MW biogas plant in Tortona, Italy from Agrilandia Societa Agricola a r.l. for $4.8 million in cash on April 4, 2016. The purchase price for the transaction is approximately $4.8 million and will be paid in a combination of cash at closing and the assumption of bank debt from the sellers. As part of transaction, Blue Sphere shall acquire a 100% interest in the plant, the land where the plant is and the feedstock inventory. The acquisition also includes all operating agreements including the remainder of the power purchase agreement that is in place with Gestore del Servizi Energetici, S.p.A The plant's power purchase agreement runs through December 31, 2027. The transaction is subject to certain conditions including, the completion of due diligence by Blue Sphere and delivery to Blue Sphere prior to the execution of definitive agreement, all rights, permits, licenses, approvals and agreements required for the ownership and operation of the facility, including all governmental and regulatory approvals as well as feedstock supply agreements and power purchase agreements. Blue Sphere Corp. (OTCPK:BLSP) cancelled the acquisition of 1MW biogas plant in Tortona, Italy from Agrilandia Societa Agricola a r.l. on April 4, 2017.