Private equity-backed wind power company files IPO

Noble Environmental Power, a JPMorgan Partners and Canada Pension Plan Investment Board portfolio company, has filed for a $375m initial public offering on the Nasdaq.

Windpark company Noble Environmental Power, backed by JPMorgan Partners and the Canada Pension Plan Investment Board, has filed with the Securities Exchange Commission for a $375 million (€244million) initial public offering. Lehman Brothers, Credit Suisse and JPMorgan are the underwriters.

JPMorgan Partners, which spun out of the investment bank in 2006 and rebranded as CCMP Capital, invested $329 million in Noble between September 2004 and February 2008, while the CPPIB invested $110 million in March 2008, according to the SEC filing. A statement from the CPPIB in March stated that the agreed investment was $200 million.

Based in Essex, Connecticut Noble was founded in 2004 and commenced windpark operations in March 2008. The company currently has three operational windparks in New York, while others are in development in a number of other states including Vermont, New Hampshire, Minnesota, Maine and Texas.

The company intends to trade on the Nasdaq under the symbol NEPI.

New York-based CCMP closed its first independently raised fund in October 2007 on $3.4 billion.

CPPIB invests the funds not needed by the Canada Pension Plan to pay current benefits on behalf of 17 million Canadian contributors and beneficiaries. As of 31 December 2007, the CPPIB had C$119.4 billion in assets under management including approximately C$11.4 billion in private equity investments.