US-based Linea Energy has completed a tax equity financing with Crux for its Watertown solar project, a 172MW-direct current (MWdc) utility-scale facility in Sanilac County, Michigan.
The project, operated by Linea Energy, marks the latest stage of development for the site, which is now under construction.
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The financing package includes a single-investor tax equity commitment from Crux and completes the commercialisation phase of the Watertown project.
With this investment, the total capital raised for the project now stands at $457m.
Linea Energy previously secured $299m in project debt consisting of a construction-to-term loan, a letter of credit facility and a tax equity bridge loan.
Santander Corporate & Investment Banking led the debt arrangement, with further participation from Société Générale, Norddeutsche Landesbank Girozentrale and Truist Bank.
The Watertown project is backed by a 25-year power purchase agreement with Michigan utility Consumers Energy.
Commercial operations at the facility are scheduled to begin in mid-2027.
Linea Energy CEO Cassidy DeLine said: “Watertown represents exactly the kind of project Linea was built to execute – a large-scale, long-term clean energy asset paired with creditworthy offtake and an efficient financing structure.
“Linea’s acquisition of the project in December 2024, and subsequent completion of development, commercialisation, financing and conversion to construction, reflects the strength and depth of the Linea platform.
“We are proud to be bringing meaningful economic benefits to Sanilac County and clean, reliable power to Michigan consumers.”
The project is expected to create around 150 construction jobs and supply enough renewable electricity annually for roughly 25,126 homes within the Midcontinent Independent System Operator grid.
Watertown is projected to deliver $16.4m in local property tax revenue to Sanilac County over its lifetime and is estimated to reduce carbon emissions by approximately 148,389t each year.
Legal counsel for Linea Energy was provided by Orrick, Herrington & Sutcliffe, while Sidley Austin advised Crux.
