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Noble Environmental Power completes Chapter 11 restructuring

Noble Environmental Power LLC, after a successful restructuring of existing ownership interests, is now solely owned by Paragon Noble LLC.

The restructuring, which was completed Dec. 9, is part of the company's planned prearranged Chapter 11 bankruptcy filing in the fourth quarter of 2016. Under the deal, Paragon Noble also acquired the following wind energy facilities in New York: the 97.5-MW Altona, the 100.5-MW Bliss, the 100.5-MW Clinton, the approximately 81-MW Ellenburg, the 106.5-MW Chateaugay and the 126-MW Wethersfield. Paragon Noble also purchased the 114-MW Great Plains wind facility in Hansford County, Texas.

Noble Environmental Power was previously owned 54% by Paragon Noble, 28% by JPMP Wind Energy (Noble) LLC, 14% by Canada Pension Plan Investment Board subsidiary CPP Investment Board (USRE II) Inc. and 4% by management investors. Paragon Noble is a special purposes vehicle with one or more funds controlled by investment firm MSD Capital LP.

FERC cleared the deal Nov. 14. (FERC docket EC16-183)