Phase one of the project requires a total financing of $60m of which 75% is long term debt. The company has 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 $15m. Closing is expected during the third quarter of this year, and the drilling program will begin shortly after the entire financing is complete.
Stephen Baker, CEO of Qualibou, said: “The goal of the drilling program is to have 15MW of energy at the wellhead. This is in line with our requirements to meet projected deliveries of electricity to Lucelec, the power utility of St Lucia.”
Qualibou is a renewable energy company with a growth strategy emphasizing greenfield developments. The company’s first geothermal concession is located in St Lucia and has a development goal of 120MW. Its proven and probable reserves are 170MW or 60.1 million barrels of oil equivalent.
