Investigation into business practices fails to derail Noble IPO

US wind farm developer Noble Environmental Power yesterday moved a step closer to its planned IPO, despite an ongoing investigation into the company by New York State Attorney General.

The company, which filed plans for a $375m IPO on the Nasdaq back in May, confirmed yesterday that it would be offering around 24.44 million common shares as part of the floatation. It failed to offer a price range for the shares.

The announcement signals that the IPO is set to proceed despite an ongoing probe into its business activities by the New York State Attorney General.

Noble Environmental and Mass.-based First Wind Holdings, formerly known as UPC Wind, were both issued with civil subpoenas back in July as part of an investigation into alleged improper dealings with public officials and anti-competitive practices.

Speaking at the time, Attorney General Andrew M. Cuomo said his office had received numerous complaints regarding the two companies alleging improper relations with local officials.

"The use of wind power, like all renewable energy sources, should be encouraged to help clean our air and end our reliance on fossil fuels," he said. "However, public integrity remains a top priority of my office and if dirty tricks are used to facilitate even clean-energy projects, my office will put a stop to it."

The subpoenas requested a wide range of documents, including information on all benefits given to any individual or entity in connection with wind farm activity, and any agreements between wind companies that may indicate anti-competitive practices.

Noble Environmental has said that it is cooperating fully with the requests of the New York State Attorney General.

First Wind is also pressing ahead with an IPO, announcing plans last month for a $450m floatation.