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5/08/2008
Wind energy company Noble Environmental plans IPO
| NEW YORK - Wind energy company Noble Environmental Power Inc. has registered for an initial public offering of common stock, according to a Securities and Exchange Commission filing on Thursday. Noble did not disclose the expected size or price range of the IPO, but indicated the offering price may total up to $375 million. The company noted that the total offering price was estimated to calculate its registration fee and may change. The Essex, Conn.-based company was founded in August 2004 and began operating its first wind parks in March 2008. Noble has 282 megawatts, or MW, of electrical generating capacity through wind parks in New York. The company has also started construction of additional wind parks in New York and Texas that it expects will provide an extra 465 MW of capacity in 2008. By the end of 2012, Noble expects to have about 3,850 MW of capacity. The company widened its loss to $42.5 million in 2007, from $20.7 million in 2006. Noble plans to use the net proceeds from the IPO for general corporate purposes, which include development activities, investments and other capital expenditures, such as future turbine supply agreements. President and Chief Executive Walter Howard was previously a senior vice president at American Water Works Company Inc., a nongovernmental water supplier and water utility. He also served as CEO of Noble Power Assets LLC, which was founded by some members of the company's senior management to acquire assets in the unregulated electric power generation industry. Lehman Brothers (nyse: LEH - news - people ), JP Morgan Securities and Credit Suisse Securities are underwriting the IPO. Noble plans to list its shares on the Nasdaq Stock Market (nasdaq: NDAQ - news - people ) under the symbol "NEPI." |
