Lincoln Renewable Energy (LRE), a developer of U.S. solar and wind power projects, today announced the close of a $14 million round of private funding, led by Austin Ventures, a leading venture capital firm with $3.9 billion under management across multiple funds. Other participants included private investors as well as LRE management and founding investors. Ken DeAngelis, general partner, and Clark Jernigan, venture partner, both with Austin Ventures, will join the LRE board of directors.
LRE will use the capital to continue developing utility-scale solar photovoltaic (PV) projects as well as targeted early stage wind power development. It currently has projects under development in 11 states across the U.S.
“We are delighted to welcome an investor with the track record and reputation of Austin Ventures and look forward to the tremendous value they can add to a high-growth company such as LRE,” said Declan Flanagan, chief executive officer of Lincoln Renewable Energy. “The energy market is recognizing that Solar PV technology has an important role to play in making the US electricity system cleaner, more reliable and self sufficient. With the current round of funding closed, we are well positioned to move our diverse and growing pipeline of solar PV projects towards construction.”
“We are strong believers in the growth prospects of utility scale PV solar development in the US and are very excited about backing the outstanding team at Lincoln Renewable Energy. The management team’s extensive experience across multiple leading renewable energy companies and its impressive track record of delivering major projects successfully was a key element of our investment thesis,” said Clark Jernigan, venture partner at Austin Ventures.
Lincoln Renewable Energy is developing solar projects in multiple East and West Coast markets, managed from offices in Chicago, Denver and New Jersey. Recently, the company announced site-plan approval for a $60 million solar farm in Salem County, N.J. It accompanies another 10-megawatt project in neighboring Cumberland County, N.J. In early 2010, the company received a building permit for a 39-megawatt solar farm in southern Colorado’s Alamosa County. LRE is also developing a 50-megawatt Homestead Solar project located on private land in Clark County, Nev., as well as projects in New Mexico and Texas.
Austin Ventures (”AV”) has worked with talented entrepreneurs to build valuable companies for over twenty-five years. With $3.9 billion under management, AV is the most active venture capital and growth equity firm in Texas and one of the most established in the nation.
With an investment focus on business services and supply chain, financial services, new media, Internet and information services, software, and Texas special situations, AV invests at all stages of company development, from $100,000 in “planned experiments” in early stage ideas to $100+ million investments in expansion rounds, minority recapitalizations, and buyouts of lower middle market growth companies. AV’s strategy is to partner with talented executives and entrepreneurs through its CEO-in-Residence and Entrepreneur-in-Residence programs.
Lincoln Renewable Energy develops utility-scale solar and wind power projects from greenfield concept to commercial operation. The company is developing projects across the United States. Its management team has a proven track record in renewable-energy development. Their efforts have led to the construction of more than 3,000 megawatts of renewable energy in North America and Europe over the past 10 years.