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Qualibou Energy enters interim funding agreement for St. Lucia project

St Lucia - view of the Pitons from Anse Chastenet (source: flickr/ heatheronhertravels creative commons)
Alexander Richter 14 Mar 2011

Developing company Qualibou Energy announces it has concluded due diligence and entered an interim agreement to fund its St. Lucia project in the Caribbean.

In a release by the company, “Qualibou Energy reports that previously announced due diligence has concluded and it has entered into an interim agreement to fund its St. Lucia geothermal power project with a private energy company headquartered in Vancouver, Canada.

The interim partnership and investment agreement provides immediate funding to begin pre-construction activities on Phase 1 of the project which has now started. A jointly owned project development company will be formed in St. Lucia with a mix of equity and debt funding to be provided by the new partner. Qualibou in turn will assign its contracts with LUCELEC, to the new project development company. Subject to final evaluation of competing funding offers, closing is expected to occur during the second week of April 2011.

“The agreement represents a major milestone in the development our project in St. Lucia. Future revenues from this first concession will provide a substantial return to our shareholders, without dilution,” stated Stephen Baker, President of Qualibou Energy Inc.

Qualibou Energy Inc. is an emerging, renewable energy entity with a growth strategy emphasizing development of non-polluting, sustainable geothermal resources. The company’s first geothermal concession is located in St. Lucia and has an energy development potential of 120 MW.”

Source: Company release via Globe Newswire