For companies looking to start an LLC, financing is a critical element that often requires rounds of private funding as part of the search for investors.
Recently, Lincoln Renewable Energy, a developer of U.S. solar and wind projects, closed a $14 million round of private funding, thanks to investments led by Austin Investments, private investors and LRE management and founding partners.
"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. "With the current round of funding closed, we are well positioned to move our diverse and growing pipeline of solar PV projects towards construction."
LRE plans to use the capital to benefit projects currently under development in 11 states across the U.S., as well as continue to develop utility-scale solar photovoltaic projects.
The solar industry is expected to take off in 2011. According to a recent survey from the Solar Foundation, over the next 12 months, more than 50 percent of solar firms expect to add jobs.
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