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Essex Conn.-based wind developer Noble Environmental Power LLC has withdrawn its registration for a $375 million initial public offering that was made last year.
In a letter to the U.S. Securities and Exchange Commission earlier this week, officials of Noble Environmental provided no explanation on its decision to withdraw the offering.
Noble originally filed the registration in May of 2008, reporting 282 megawatts of wind power under management at the time, with a plan to reach 4,000 megawatts by 2012. According to its website, Noble Environmental currently has approximately 3,850 megawatts of windparks under development in eight states, including New York, New Hampshire, Vermont, Maine, Michigan, Minnesota, Texas and Wyoming.
The company had planned to make its offering on Nasdaq, with Credit Suisse, Citi, Lehman Brothers and JPMorgan serving as co-lead underwriters. JPMorgan Partners Fund is a majority owner of Noble Environmental.
Noble Environmental Power, founded in 2004, did not begin operations of its first wind park until March 2008. The company has been financed by almost $927 million in long-term debt from a variety of sources, including The Canada Pension Plan Investment Board and JPMP Wind Energy, a private equity division of JPMorgan Chase & Co.
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