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Qualibou Energy to sign PPA for St. Lucia project in Caribbean

St Lucia - view of the Pitons from Anse Chastenet (source: flickr/ heatheronhertravels creative commons)
Alexander Richter 30 Jul 2010

Qualibou Energy finalizes term sheet for PPA with Lucelec for delivery of power from geothermal project on St. Lucia, Caribbean.

Recently we reported on the planned St. Lucia project by Qualibou Energy, which the company announces that it is in final discussions about a Power Purchasing Agreement.

Qualibou Energy, Inc. “confirmed that it will deliver all electricity from phase one of its geothermal power project to St Lucia Electricity Services Limited (LUCELEC). LUCELEC is the sole electric utility of St Lucia since being founded in 1964.

“We recently finalized a Term Sheet for the Power Purchase Agreement (PPA) with LUCELEC which contains all principal commercial terms under which power will be delivered,” said Stephen Baker, CEO of Qualibou. “The PPA will follow in due course. Initial revenues are anticipated to be US$12 million growing to over US$100 million as the project is fully developed.”

St Lucia has a peak electricity demand of 56 Megawatts and LUCELEC currently generates all of the electricity consumed on St Lucia through diesel generation. Geothermal power will cut St Lucia’s carbon footprint significantly, enhancing its exotic destination reputation.

“LUCELEC is recognized as an industry leader throughout the Caribbean,” added Mr. Baker. “We are very fortunate to have such a high quality utility to deal with and look forward to a very long relationship with LUCELEC.”

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 with 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