V3 Commodities Group Holdings closed a $5 million first lien credit and commodity supply facility with Greenlight Energy, a retail energy provider serving natural gas and electricity markets in Maryland, New Jersey, Pennsylvania and New York.
Under the arrangement, V3 will provide Greenlight with working and growth capital and offer Greenlight physical commodity risk management services related to deliveries of power and natural gas in the retail energy markets in PJM and New York.
J. Scott Perry, CEO of V3, said, “We are excited to partner with the Greenlight management team as they grow their retail energy business in the Northeastern markets, and we look forward to helping Greenlight grow not only their energy commodity business but their valued added energy products business as well.”
Michael Hartofilis, CEO of Greenlight, said, “The V3 facility and their physical supply and services expertise provides Greenlight with a competitive advantage in the retail energy markets. The credit facility and risk management skill set at V3 allows Greenlight to provide innovative and flexible products to its customers and allows us to better manage commodity market risk and meet customer demands. We look forward to growing our business with V3 as our partner.”
