Noble Environmental Power files for $375M wind power IPO
Despite a rough market for IPOs — as evidenced by Real Goods Solar’s tough first day of trading yesterday — Noble Environmental Power, an Essex, Conn., wind power startup has filed plans to raise up to $375 million in an IPO
Its share sale will be underwritten by Lehman Brothers, JPMorgan and Credit Suisse; CPP Investment Board is a minority backer. Noble Environmental currently manages 282 MW; its wind farms are located in New York, Michigan, Vermont and New Hampshire, and it has plans to expand operations to Texas.
The company hopes to generate over 950 MW of additional capacity by the end of 2009. It will use the proceeds from the public offering to finance future turbine supply agreements and general corporate projects.
It plans to trade on the NASDAQ under the symbol “NEPI.” Noble Environmental hopes to buck the trend set by fellow cleantech startup Real Goods Solar (NASDAQ: RSOL), a solar installer, whose share price closed lower than expected yesterday during its first day of trading — at $8.80 a share.
Next Story: Surf Canyon raises seed round to refine your search results
Previous Story: Funware’s threat to the traditional video game industry
About the Author, Jeremy Jacquot
Jeremy Jacquot is a doctoral student at the University of Southern California who is studying watershed management and global biogeochemical cycling. He previously studied marine biology at UCLA where he earned his B.S. in 2005; he is the Los Angeles correspondent for TreeHugger, where he focuses on science/technology and business news.