Qualibou Energy starts due diligence with potential partner for geothermal project funding

(ADPnews) - Nov 16, 2010 - US green energy firm Qualibou Energy Inc (PINK:QALB) said last week it had started a due diligence process with a possible partner to finance its 20 MW geothermal project on the Caribbean island country of St. Lucia.

The two companies are expected to sign a partnership contract for the USD 80 million (EUR 58.8m) needed to finish the construction of the geothermal plant.

The due diligence is scheduled to conclude on December 15.

Qualibou Energy is developing the geothermal project on the island under a concession agreement. It aims to develop 120 MW of geothermal capacity there. The company has proven and probable reserves of 170 MW, or 60.1 million barrels of oil equivalent.

(USD 1.0 = EUR 0.735)

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