The wind farm developer moves forward with its offering as the New York State Attorney General looks into the company.
Essex, Conn.-based wind power company Noble Environmental Power has set the number of shares in its planned initial public offering at 23.4 million. The updated filing comes amid an investigation into the company by the New York State Attorney General alleging improper dealings with public officials and anti-competitive practices.
The company, which operates 282 megawatts of electrical generating capacity, originally filed plans with the U.S. Securities and Exchange Commission in May to raise up to $375 million in a share sale (see Noble Environmental files for $375M share sale).
But in July, Noble Environmental and Newton, Mass.-based First Wind Holdings, formerly known as UPC Wind, were both served subpoenas by the New York State Attorney General's office. The two companies are developing and operating wind farms across New York state.
The subpoenas are part of an investigation into whether the companies sought or obtained land-use agreements with citizens and public officials, whether improper benefits were given to public officials to influence their actions, and whether they entered into anti-competitive agreements or practices.
First Wind is also heading to the public market, filing plans last month for a $450 million IPO (see First Wind plans share sale as WNDY). First Wind has not yet set the number of shares or a price for its offering.
Noble Environmental said it has and will continue to fully cooperate with the requests of the New York State Attorney General.
The company expects to list on the Nasdaq under the symbol "NEPI." It has not yet announced a price range for its IPO.
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