Essex, Conn.-based Noble Environmental Power has withdrawn registration for a proposed $375 million initial public offering.
The company, which develops wind-powered renewable electric generating projects, gave no explanation for the cancellation of the IPO.
The company had planned to trade on the Nasdaq under ticker symbol NEPI in a share sale underwritten by Lehman Brothers, JPMorgan and Credit Suisse. The money was expected to go to general corporate purposes, including future turbine supply agreements (see Noble Environmental files for $375M share sale).
But in July, Noble and Newton, Mass.-based First Wind Holdings were served with subpoenas by the New York State Attorney General's office (see Noble Environmental sets shares for IPO amid investigation). Both 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.
Noble now says it has 3,850 megawatts of wind parks under development in eight U.S. states: New York, New Hampshire, Vermont, Maine, Michigan, Minnesota, Texas, and Wyoming. The company has more than 280 MW of installed electrical generating capacity.
In April, Noble announced $440 million in long-term capital for its 330 MW of wind power projects in western and northern New York state. General Electric's GE Energy Financial Services invested more than $200 million in the portfolio, with a syndicate of banks and financial institutions providing long-term debt, including letters of credit, totaling approximately $440 million.
The company’s principal shareholder is JPMorgan Partners. The Canada Pension Plan is a minority backer.
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