Wind power company Noble files for public offering
Noble Environmental Power files to raise as much as $375 million in an initial public offering. Can wind power whip up a storm on Wall Street?
Wind energy company Noble Environmental Power has filed to raise as much as $375 million in an initial public offering, according to a document with the Securities and Exchange Commission that was filed Thursday.
The Connecticut-based company, which plans to list its shares with the Nasdaq under the symbol "NEPI," operates in the booming wind power market. But the company will still have to brave a weak IPO market.
The 4-year-old Noble runs wind parks in New York state that generate about 282 megawatts of electricity; and later this year, it plans to open added parks in New York, Vermont, New Hampshire, Minnesota, Maine, and Texas. Noble is seeing demand for wind power in the Northeast partly because of renewable energy mandates in the area. But theis hampered by a shortage of wind turbines.
Noble plans to use the money from the IPO to develop its business, invest in new technologies, and ink future turbine supply agreements. Lehman Brothers, JPMorgan Securities, and Credit Suisse Securities, are underwriting the IPO.