Qualibou Energy with LOI on US$15m debt financing for St. Lucia project

St Lucia - view of the Pitons from Anse Chastenet (source: flickr/ heatheronhertravels creative commons)
Alexander Richter 7 Aug 2010

Qualibou Energy signs LOI with major US bank on the debt financing package for project on St. Lucia in the Caribbean.

In a release by the company, “Qualibou Energy, Inc. announced a project financing initiative for phase one of its Geothermal Power Project on St Lucia.

“Phase one of the project requires a total financing of USD $60 million of which seventy five percent is long term debt. We have received a Letter of Interest from a major US bank on the debt portion of the package, and due diligence is underway on the remaining USD $15 million. Closing is expected during the third quarter, and the drilling program will begin shortly after the entire financing is complete,” stated Stephen Baker, CEO of Qualibou.

“The goal of the drilling program is to have 15 Megawatts of energy at the wellhead,” Mr. Baker added. “This is in line with our requirements to meet projected deliveries of electricity to LUCELEC, the power utility of St Lucia.”

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