Noble sells Michigan wind farm to John Deere, lays off staff
Connecticut-based project developer Noble Environmental has sold both phases of its 159MW Noble Thumb wind farm to John Deere and has laid off an unspecified number of staff.
The move appears to be part of a company effort to raise cash and reduce costs. New Energy Finance could not reach a current spokesperson for comment.
The Federal Energy Regulatory Commission approved the sale of the Noble Thumb project on October 14, according to a commission document. The two companies first notified FERC of their intentions on August 27.
Noble Thumb is being developed in two phases. In July, Noble announced it had begun construction of 69MW phase one, which will use 46 GE 1.5MW turbines. RMT WindConnect began performing construction.
Last spring, Noble announced plans for a $450 million IPO on Nasdaq but the company’s prospects of a successful float are now very much in doubt. Since filing its prospectus with the Securities Exchange Commission, one of the company’s underwriters on the offering, Lehman Brothers, has gone bankrupt. It has also since been revealed that the company is under investigation by the New York State attorney general’s office for allegedly attempting to influence local officials with gifts. Finally, tax equity capital has dried up in recent weeks as major players, including GE Energy Financial Services, have retreated from making such investments.
A spokesperson for Deere did not return a call seeking comment.
Source: New Energy Finance
23 October 2008
Tags: Wind power, Wind energy
Some possibly related stories:
- Thumb wind park sold, but work on turbines will be completed
- Wind power finds Thumb home; Construction delayed, but Sanilac wind farm gets OK
- State's energy plan prompts interest in Thumb wind
- Noble to resume windpark construction in the spring
- Noble won’t confirm or deny reports of windpark sale
- Wind farm complaints lodged
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