Retail Supplier Announces Closing of $10 Million Working Capital Facility; Funds to Support Expansion January 25, 2013 Email This Story Copyright 2010-13 EnergyChoiceMatters.com
Reporting by Karen Abbott • firstname.lastname@example.org
Retail supplier Kiwi Energy, Inc. announced that it has closed a new $10 million financing facility via a revolving line of credit.
The facility has a five year term, which Kiwi Energy said will enable it to supplement its already existing capital base to allow increased funding for further development, growth, and hedging capabilities with regard to its Northeast retail electric and gas operations.
The funds raised from the facility may be used for the following purposes:
• Wholesale and retail electricity and natural gas operations
• Hedging growth of an array of longer term fixed price retail energy products
• Expansion into new states
"This financing facility, which will supplement our existing capital base, will allow Kiwi Energy to ramp up and further diversify our Northeast retail operations," said Donald Cheesman, CEO of Kiwi.
Kiwi Energy was represented exclusively by the team of AEG Affiliated Energy Group Financial.
"Kiwi Energy's relative ease in continually accessing the United States capital markets demonstrates the strength and versatility of Kiwi's stellar management team and innovative retail energy products and channels, with a history of excelling in deregulated energy markets spanning a decade and a half back to 1998, from Australia and New Zealand to the United States throughout Texas all the way up to the Northeast since 2008," said Rob Potosky of AEG's Team.
"Kiwi is pleased with the growth in its electricity and gas customer base thus far, and looks forward to a further expansion of Kiwi Energy's New York and Northeast retail electricity and retail gas business," said Kiwi's Director, Steve Eskrigge.
Kiwi Energy, formed in 2008, is a privately held company headquartered in Brooklyn, New York. Kiwi is focused on retail energy and gas across North America. Kiwi Energy said that it has, "unique and proprietary rights to a scalable and proven customer service, data management and billing system capable of serving both post-pay and pre-pay electricity and gas customers across a variety of markets and territories, including both commercial and residential customers."