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Qualibou rounds off funding for St Lucia geo project

Geothermal start-up Qualibou Energy has obtained the last $15m of funding for its planned 120MW project on the Caribbean island of St Lucia.

An unnamed Vancouver-based energy company has entered into an agreement to provide a mix of equity and debt funding to the project through a new joint venture company.

‘This agreement represents a major milestone in the development our project in St Lucia,’ said Stephen Baker, president of Qualibou.

‘Future revenues from this first concession will provide a substantial return to our shareholders, without dilution.’

The project is expected to cost a total of $60m, of which three quarters was provided as a loan from a US bank.

St Lucia, which has a population of 174,000, is of volcanic origin.

Category/ies:St Lucia News.
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