Qualibou secures financing for 20-MW geothermal project

(ADPnews) - Mar 15, 2011 - US renewable energy firm Qualibou Energy Inc (PINK:QALB) announced yesterday it reached a deal to fund its 20-MW geothermal power project on the Caribbean island country of Saint Lucia.

The interim financing agreement was signed with a private Vancouver-headquartered energy firm after the previously announced due diligence was finalised.

Under the deal, the funding will be provided immediately in order to start pre-construction activities on Phase 1 of the project. In addition, a joint venture (JV) for the purpose of project development will be set up with a mix of equity and debt funding provided by the new partner. Qualibou, for its part, will assign its contracts with St Lucia Electricity Services Ltd (LUCELES) to the new project development company.

Qualibou Energy is developing the geothermal project on the island under a concession agreement. It aims to eventually 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.

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