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October 15, 2008

Wind-farm workers laid off

<a href="mailto:draymo@pressrepublican.com">By DENISE RAYMO</a>

BELLMONT — Noble Environmental Power has stopped work at its Bellmont and Chateaugay wind-energy projects and laid off its workers.

And it appears the bankruptcy of one of its major financial backers may have played a part.

“Due to conditions in the financial markets, Noble Environmental Power has had to scale back its development plans for 2009,” Noble Chief Executive Officer Walter Howard said in a written statement.

No specifics were given as far as the number of workers let go and how long a layoff might last.

But published reports indicate the work may not restart at either wind park until next summer.

“We deeply regret this unfortunate situation,” Howard said. “These decisions have been extremely difficult for me, our company founders and others in management.

“We value all of our employees, and we appreciate their hard work and dedication to Noble.”

Anna Giovinetto, who had been vice president of public affairs, said Wednesday she could not comment further on the company’s situation because she was one of the people laid off.

The work stoppage and layoffs could also be connected to the ongoing investigation Attorney General Andrew Cuomo launched in July against Noble and another wind-energy company, First Wind of Massachusetts.

He issued subpoenas to both firms requesting all paperwork associated with the land agreements and easements that each received from property owners and public officials.

Cuomo’s office is investigating whether the officials were unduly influenced or bribed to make deals.

News of the investigation came just a few months after Noble filed paperwork with the U.S. Securities and Exchange Commission in May for permission to offer stock to the public in hopes of raising $375 million.

On Sept. 2, the company said it would be offering about 24.4 million common shares and trade under the NASDAQ ticker symbol NEPI.

According to the Massachusetts Biotech and Technology News Journal of New England Technology, the co-lead underwriters for the stock offering were Lehman Brothers, Credit Suiss Securities (USA) LLC, JP Morgan Securities Inc. and Citigroup Global Markets Inc.

But two weeks after the announcement, Lehman Brothers collapsed under the heavy debt load it was carrying and filed for bankruptcy, ending its 158-year presence in the nation’s economic picture.

That loss of support apparently led to Noble’s decision to lay off workers and cease further construction and development at the wind parks it is building in eastern Franklin County in the towns of Bellmont and Chateaugay.

Noble Environmental Power lost $7.8 million in 2005, $20.7 million in 2006 and $42.5 million in 2007, according to information supplied to the Securities and Exchange Commission for its initial public offering application.

Noble’s operation in the Town of Altona doesn’t appear to be impacted by the Franklin County layoffs.

Town Supervisor Larry Ross said he just received an update on the progress at Altona’s wind farm on Monday, and nothing was mentioned to him about shutdowns or layoffs.

“I’m sure they’re going to be working because they just finished up the first circuit, and they’re starting up our windmills now.

“I haven’t heard a thing like that, but maybe it’s because we’re farther along and ready to start,” Ross said.

He said some parts and equipment have been brought in from other operations to help Altona get online faster “because we’re so close to being done.”

The Noble Altona Windpark is to be a 97.5-megawatt operation; the combined 85 turbines at the Noble Bellmont Windpark and Noble Chateaugay Windpark are to produce 127.5 megawatts of power a year; and the Noble Clinton and Noble Ellenburg projects are expected to generate 100.5 megawatts and 81 megawatts, respectively.



E-mail Denise A. Raymo at:

draymo@pressrepublican.com

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