13 Jul, 2020, 10:06 ET
FT. LAUDERDALE, Fla., July 13, 2020 /PRNewswire/ -- Liberty Power, one of the nation's largest and longest tenured independent retail electricity suppliers, today announced its new multi-year supply agreement with Boston Energy Trading and Marketing LLC (BETM). BETM is a wholly owned subsidiary of Diamond Generating Corporation (DGC), a leading independent power producer and wholly-owned subsidiary of Mitsubishi Corporation.
In a separate transaction, Liberty Power also completed a restructuring of its capital structure and secured an infusion of fresh capital.
"Transitioning to a new service provider in the midst of the COVID19 global pandemic was not without its unique challenges," said David Hernandez, Liberty Power CEO and co-founder. "Now with new capital and the BETM power supply agreement in place, Liberty Power is well-positioned to continue to grow. I am excited for our employees, channel partners and customers as we continue our drive to create value for our customers in meeting their energy needs."
"We are delighted to be partnering with BETM, with its deep knowledge and expertise in competitive energy markets, along with an entrepreneurial spirit that aligns well with our own company culture," added Derik Viner, Chief Risk Officer for Liberty Power.
Liberty Power's new arrangement provides long-term stability and support for accessing markets and managing energy supplies. The Company expects the new facility to enable organic growth and to improve its ability to deliver value to its channel partners and customers.
Liberty Power was advised by Bayfield Partners and Gordian Group in this transaction.
About Liberty Power
Established in 2001 and headquartered in Fort Lauderdale, Florida, Liberty Power is one of the largest and longest tenured owner-operated retail electricity provider in the United States. The company is the first minority-owned electricity provider with a national footprint and has been recognized as the largest Hispanic-owned energy company in the United States. Liberty Power provides large and small businesses, government agencies and residential customers with competitively-priced electricity, sustainability solutions and exceptional customer service. For more information visit www.libertypowercorp.com
About Boston Energy Trading and Marketing LLC
Boston Energy Trading and Marketing LLC (BETM), a Mitsubishi Corporation subsidiary, provides asset management and optimization services to owners of generation and energy storage in North America, and wholesale energy to retail power and gas suppliers. BETM traders cover competitive power markets including Northeastern, Midwest and Western markets. Driven by a fundamentals-based approach, its team develops and maintains electric-transmission, gas network and supply/demand models to inform market views for trading opportunities. DGC acquired BETM from NRG Energy in August 2018, and prior to 2014 BETM was known as Edison Mission Marketing & Trading. Mitsubishi Corporation provides investment-grade credit support for BETM's commercial activities. For more information, please visit www.betm.com.
About Mitsubishi Corporation
Mitsubishi Corporation (MC) is a global integrated business enterprise that develops and operates businesses together with its offices and subsidiaries in approximately 90 countries and regions worldwide, as well as a global network of around 1,700 group companies. MC has 10 Business Groups that operate across virtually every industry: Natural Gas, Industrial Materials, Petroleum & Chemicals, Mineral Resources, Industrial Infrastructure, Automotive & Mobility, Food Industry, Consumer Industry, Power Solution and Urban Development. Through these 10 Business Groups, MC's current activities have expanded far beyond its traditional trading operations to include project development, production and manufacturing operations, working in collaboration with our trusted partners around the globe. For more information please visit www.mitsubishicorp.com
Liberty Power is a registered trademark of Liberty Power Corp. LLC, whose subsidiaries are certified and licensed to provide retail electric service by the PUC / PSC of CA, CT, DC, DE, IL, ME, MD, MA, MI, NJ, NY, OH, PA, RI, TX and VA.
SOURCE Liberty Power
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