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Sunday, 24 October 2010

Qualibou Energy secures $45m to fund its Caribbean geothermal project


Geothermal developer Qualibou Energy was highlighted as the stock to watch yesterday following its lockdown of $45m towards financing its $60m St Lucia power project in the Caribbean, by Wall Street Capital Funding.
The company’s stock stood at $0.42 per share at close yesterday, following a monthly high of $1.10.
Qualibou Energy is an emerging renewable energy company that focuses on greenfield developments as part of its strategy for growth.
Qualibou Energy’s CEO Stephen Baker said on 6 August, ‘Phase one of the project requires a total financing of $60 of which 75 per cent is long-term debt.’
He said the company received a letter of interest from a major undisclosed US bank regarding the debt portion of the finance package for the 120MW project, and said due diligence in currently underway on the remaining $15m.
‘Closing is expected during the third quarter, and the drilling programme will begin shortly after the entire financing is complete,’ said Baker.
The company is aiming to have 15MW of energy at the wellhead through the drilling programme at St Lucia, which Baker said is in line with its requirements to meet project deliveries of electricity to St Lucia’s power utility LUCELEC.
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