First Niagara provides financing for Public Power
First Niagara Financial Group announced that it has completed $8 million in additional financing with Public Power, a Danbury-based licensed electricity and gas provider, bringing the company’s total financing package with the bank to $33 million. First Niagara is providing a $5 million term loan to expand Public Power’s existing operations in Connecticut. They are also providing a $3 million increase to the company’s existing $25 million line of credit which will be used to meet Public Power’s seasonal needs, as electricity usage continues to rise throughout the summer. Public Power was acquired in 2009 by CEO Bob Gries following the deregulation of electricity and gas in many states.