Noble Environmental Power has set the number of shares for its upcoming IPO, despite a current investigation by the New York Attorney General's office. The Connecticut-based wind power company will offer 23.4 million shares at its planned initial public offering. Noble Environmental originally filed paperwork with the Securities and Exchange Commission in May for a share sale intended to raise up to $375 million. The company currently operates 282 megawatts worth of electricity-generating wind installations.

The New York State Attorney General, Andrew Cuomo, is leading an investigation into allegations of improper dealings between Noble Environmental and public officials, as well as anti-competitive practices. When Noble Environmental was served with a subpoena in July, Massachusetts-based First Wind Holdings was also served. Both companies operate wind farms in the state of New York, and First Wind is also working on plans for an IPO

The investigation is focusing on whether either company "sought or obtained land-use agreements with citizens and public officials; whether improper benefits were given to public officials to influence their actions, and whether they entered into anti-competitive agreements or practices," according to a statement from the Attorney General's office.

Noble Environmental has fully cooperated with requests from the New York State Attorney General's office. The investigation is listed as on-going.

Image — Noble Environmental