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Qualibou Energy due diligence for construction finance for St. Lucia

St Lucia - view of the Pitons from Anse Chastenet (source: flickr/ heatheronhertravels creative commons)
Alexander Richter 15 Nov 2010

Qualibou Energy Inc. enters due diligence period with potential parter to fund construction of the company's 20 MW geothermal power plant project on Caribbean island state of St. Lucia.

In an announcement by the company, “Qualibou Energy Inc. reports that it has entered into a due diligence period with a potential partner to fund construction of a 20 Megawatt geothermal facility in St. Lucia. The agreement will close on the 15th of December 2010 and the plan is for the companies to enter into a partnership agreement that will fund the $80 million USD required to complete the initial 20MW facility.

Stephen Baker, President & CEO of Qualibou Energy, stated, “This is a great opportunity for Qualibou to develop the St. Lucia resource.” He continued, “This initial project will enable us to evaluate the full potential of our concession and to plan our further developments of the resource.”

Qualibou Energy Inc. is an emerging renewable energy company with a growth strategy emphasizing greenfield developments. The company’s first geothermal concession is located on St Lucia and has a development goal of 120 Megawatts. The Company’s proven and probable reserves are 170 Megawatts or 60.1 million barrels of oil equivalent (BOE).”

Source: Company release via MarketWatch