Tuesday, September 2, 2008

Noble Environmental Power offers 24M shares in IPO (NEPI; WNDY)

This should be an interesting offering circular. If you recall, Nobel Environmental was one of the wind project developers mentioned in the Aug. 17, 2008 New York Times story "In Rural New York, Windmills Can Bring Whiff of Corruption":
...Last month, Mr. Cuomo subpoenaed two wind companies, Noble Environmental Power, based in Connecticut, and First Wind, based in Massachusetts, seeking a broad range of documents. Both companies say they are cooperating with the attorney general....
Here's the IPO story, from MHT (MassHighTech):
In a followup to a May announcement of Essex, Conn.-based Noble Environmental Power LLC filing for an initial public offering, the company has reported that it plans to offer about 24.44 million common shares, according to published reports.

Noble Environmental Power did not reveal an updated price range of the stock shares, PE Hub reports, although in May the company announced its intention to raise $375 million.

The company plans to trade on the Nasdaq under ticker symbol NEPI. Lehman Brothers, Credit Suisse and JPMorgan are serving as co-lead underwriters.

Noble Environmental Power currently operates 282 megawatts of wind power, and is planning on more than 4,000 megawatts under management by 2012. The company’s current and future projects are located predominantly in New York, Vermont, New Hampshire, Maine, Texas, Minnesota and Michigan....MORE