Wind company Noble Environmental pursues ownership changes

Several wind farm affiliates of Noble Environmental Power LLC on Oct. 8 applied to the Federal Energy Regulatory Commission for approval of an upstream change in ownership for the companies.

Noble Altona Windpark LLC, Noble Bliss Windpark LLC, Noble Clinton Windpark I LLC, Noble Ellenburg Windpark LLC, Noble Chateaugay Windpark LLC, Noble Great Plains Windpark LLC, and Noble Wethersfield Windpark LLC requested authorization for the disposition of jurisdictional facilities resulting from a transaction involving the restructuring of certain membership interests in their upstream owner, Noble Environmental Power (NEP).

NEP will:

  • amend the terms of the ownership interests currently owned by JPMP Wind Energy (Noble) LLC (JPMP Noble) to make them passive, non-voting interests; and
  • restructure the outstanding Series PN Preferred Units of Noble, which are owned 100% by Paragon Noble LLC (PN), with the result that PN will increase its voting interest in NEP from approximately 54% to about 81%, and CPP Investment Board (USRE II) Inc. will increase its voting interest in NEP from approximately 14% to about 15%.

The applicants requested that the commission establish 21-day comment period for this application and issue an order granting the requested authorizations by no later than Oct. 28 to allow for a closing of the transaction as soon as possible thereafter.

Except for the wind energy project owned by Noble Great Plains Windpark, which is located in Texas within the Southwest Power Pool (SPP) balancing authority area (BAA), each of the wind energy projects owned by the applicants is located in the New York Independent System Operator BAA. Applicants are indirect subsidiaries of NEP.

The upstream ownership of NEP is divided into several classes of voting and non-voting interests that convey proportionate ownership interests in NEP. The voting interests in NEP are currently owned approximately: 28% by JPMP Noble; 54% by PN; 14% by USRE II, a wholly-owned subsidiary of the Canada Pension Plan Investment Board (CPPIB); and 4% by individuals, trusts and limited liability companies.

  • Noble Altona Windpark owns and operates an approximately 97.5 MW wind facility located in Altona, New York. The Altona Project is interconnected with transmission facilities that are owned by the New York Power Authority (NYPA) and are under the operational control of the NYISO. The output of the Altona Project may be sold to one or more parties under the bilateral power purchase agreements or into the NYISO markets. Noble Altona is an exempt wholesale generator (EWG) with market-based rate authorization.
  • Noble Bliss Windpark owns and operates an approximately 100.5 MW wind facility located in Wyoming County, New York. The Bliss Project is interconnected with transmission facilities that are owned by the Village of Arcade, New York. The output of the Bliss Project may be sold to one or more parties under bilateral power purchase agreements or into the NYISO markets. Noble Bliss is an EWG with market-based rate authorization.
  • Noble Clinton Windpark I owns and operates an approximately 100.5 MW wind facility located in the Town of Clinton, New York. The Clinton Project is interconnected with transmission facilities that are owned by NYPA and are under the operational control of the NYISO. The output of the Clinton Project may be sold to one or more parties under bilateral power purchase agreements or into the NYISO markets. Noble Clinton is an EWG with market-based rate authorization.
  • Noble Ellenburg Windpark owns and operates an approximately 81 MW wind facility located in the Town of Ellenburg, New York. The Ellenburg Project is interconnected with transmission facilities that are owned by NYPA and are under the operational control of the NYISO. The output of the Ellenburg Project may be sold to one or more parties under bilateral power purchase agreements or into the NYISO markets. Noble Ellenburg is an EWG with market-based rate authorization.
  • Noble Chateaugay Windpark owns and operates an approximately 106.5 MW wind facility located near the Town of Chateaugay, New York. The Chateaugay Project is expected to interconnect with transmission facilities that are owned by NYPA and are under the operational control of the NYISO. The output of the Chateaugay Project may be sold to one or more parties under bilateral power purchase agreements or into the NYISO markets. Noble Chateaugay is an EWG with market-based rate authorization.
  • Noble Great Plains Windpark owns and operates the Great Plains Project, an approximately 114 MW wind facility located in Hansford County, Texas. The Great Plains Project is interconnected with the transmission facilities owned by Xcel Energy and operated by the Southwest Power Pool. Noble Great Plains is an EWG with market-based rate authorization.
  • Noble Wethersfield Windpark owns and operates an approximately 126 MW wind facility located near the Town of Wethersfield, New York. The Wethersfield Project is interconnected with transmission facilities that are owned by New York State Electric and Gas, also under the operational control of the NYISO. The output of the Wethersfield Project may be sold to one or more parties under bilateral power purchase agreements or into the NYISO markets. Noble Wethersfield is an EWG with marketbased rate authorization.

NEP is a renewable energy holding company. NEP is governed and managed by a Board of Managers who are appointed or elected by the members of NEP. JPMP Noble has limited consent rights in the management of NEP and does not exercise day-to-day control over applicants’ jurisdictional activities. At present it has the right to elect two of the voting members of NEP’s Board of Managers. JPMP Noble is controlled by JPMP Capital Corp., a wholly-owned direct subsidiary of JPMorgan Chase & Co., which is a financial holding company

A company contact is: Pamela Sutton-Hall, Vice President Finance and Treasury, Noble Environmental Power LLC, 6 Main Street, Suite 121, Centerbrook, CT 06409, Tel: (860) 581-5010, suttonhallp@noblepower.com.

About Barry Cassell 20414 Articles
Barry Cassell is Chief Analyst for GenerationHub covering coal and emission controls issues, projects and policy. He has covered the coal and power generation industry for more than 24 years, beginning in November 2011 at GenerationHub and prior to that as editor of SNL Energy’s Coal Report. He was formerly with Coal Outlook for 15 years as the publication’s editor and contributing writer, and prior to that he was editor of Coal & Synfuels Technology and associate editor of The Energy Report. He has a bachelor’s degree from Central Michigan University.