- Now, Noble Environmental Power, a fast-growing wind-power company based in Essex, CT, has filed for an initial public offering worth up to $375 million.
- According to its filing with the SEC, Noble Power is “focused on developing, financing, constructing, owning and operating windparks in attractive energy markets in the United States.” The company’s plan is to sell energy and energy-capacity generated by its wind parks. Its first three parks have been up and running in New York since March, and the firm hopes to quadruple its total power capacity by the end of 2009, with more parks under construction in New York and Texas. By 2012, it may expand to Maine, New Hampshire, Vermont, and other states.
- To date, the company has not yet generated significant revenue—it reported $72 million in net losses as of the end of 2007. It is also dependent on state policies and regulations that support wind parks—not always the easiest projects to push through
- The principal shareholder is JPMorgan.
Noble Environmental Power's SEC Filing - a must read for any new IPO
GE Energy sold 333 Wind Turbines to Noble Environmental late last year
- The contract valued at approximately $650 million will add nearly 500 megawatts of wind power capacity to the renewable energy supply of the US. Noble Environmental Power will use the turbines for new and expansion projects in New York and Texas.
- The turbines ordered will be GE’s popular 1.5 megawatt model. More than 6,500 are installed or committed for projects worldwide.
- The wind turbines in this latest agreement will be shipped during 2009, with most of the projects expected to enter commercial operation by the end of that year.