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US wind developer rescued from bankruptcy by IT billionaire

After hovering on the brink of bankruptcy for several months, the US wind developer Noble Environmental Power has now been rescued.

Photo: Vestas

It is always nice to have a rich uncle as back up. Especially when you are a financially ailing wind developer mere inches away from bankruptcy. US wind developer Noble Environmental Power, which since September has found itself meeting the conditions set out by US Chapter 11 bankruptcy laws, can thank IT billionaire Michael Dell – who is behind Dell computers – for the fact that the company looks set to survive.

A court in Wilmington in the US state of Delaware has approved a refinancing of Noble's debt of almost USD 215 million. As part of the agreement, the company will transfer ownership of total assets in Noble with immediate effect to MSD Capital, which is Dell's personal investment company.

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