Qualibou inks deal to fund geothermal project's first phase

Nevada-based Qualibou Energy has entered into an interim agreement to fund its St Lucia geothermal power project with a private energy company headquartered in Vancouver. "The interim partnership and investment agreement provides immediate funding to begin pre-construction activities on phase one of the project that has now started," Qualibou said in a statement. Closing is expected next month. A jointly owned project development company will be established in St Lucia with a mix of equity and debt funding to be provided by the new partner. Qualibou will in turn assign its contracts with local utility Lucelec to the new company. Qualibou, which previously announced it had increased pahse one to 20MW from 12MW, did not immediately respond to a BNamericas request for a tentative development timetable. The US firm's first geothermal concession is on the island and has a development goal of 120MW.