US wind farm developer OwnEnergy announced last week that it has successfully completed its first round of funding and is now looking to expand the number of projects on its books as landowners seek to exploit booming demand for renewable energy.

The company did not disclose how much it had raised from its funding round, which was led by EnerTech Capital Partners.

However, reports at the VentureBeat blog claimed that following the round the company was now looking to raise a total of $100m (£57.6m) to get its first 51MW wind farm in north Texas operational by the end of next year.

According to the site, the company appears confident the money can be raised and has already entered into negotiations with a turbine manufacturer.

As opposed to leasing land for wind farm development, OwnEnergy enters into partnership agreements with land owners, whereby the company undertakes project evaluation, development, turbine procurement, project financing, and construction, and then shares ownership of the completed wind farm with the local land owner or community group.

The company is reported to have 12 such partnerships in place and OwnEnergy founder and chief executive, Jacob Susman, said that the fresh funding would now be used to add "significantly to the existing basket of great projects", as well as fund the development of existing projects.

Tucker Twitmyer of EnerTech Capital said that the company's business model offered an attractive proposition to land owners interested in tapping into demand for wind energy.

"It's challenging for landowners and local developers to gain access to offtakers, equipment suppliers, financiers and other key participants in renewables development projects," he said. "[OwnEnergy has] deep, long-standing relationships with these parties. They offer their development partners – the landowners – a streamlined, cost-effective and scaleable path to profitable, locally generated renewable energy."