Lincoln Renewable Energy has closed a $14m round of private funding, led by venture capital firm Austin Ventures.

The company, which has projects under development in 11 states across the US, will use the capital for development of utility-scale solar photovoltaic (PV) projects as well as targeted early stage wind power development.

Lincoln CEO Declan Flanagan said 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," Flanagan said.

Lincoln recently received site-plan approval for a $60m solar project in Salem County, New Jersey.