On July 6, 2026, Linea Energy closed a tax equity financing agreement with Crux for its Watertown solar project, completing the capital stack for the 172 MWdc utility-scale facility in Sanilac County, Michigan.
The tax equity commitment is the final piece of a financing package that also includes a previously announced $299 million project debt raise. That debt facility was led by Santander Corporate & Investment Banking, with participation from Société Générale, Norddeutsche Landesbank Girozentrale, and Truist Bank. Combined with Crux’s investment, total capital raised for Watertown now stands at $457 million.
Linea acquired the Watertown project in December 2024 and has since taken it through development, commercialization, and financing into construction. Consumers Energy, a regulated utility under the Michigan Public Service Commission, backs the project under a 25-year power purchase agreement.
Construction is underway and is expected to support approximately 150 jobs. Once operational in mid-2027, Watertown will feed the MISO grid with enough clean energy to power roughly 25,126 Michigan homes annually — comparable to every household in a city the size of Pontiac. Over its operating life, the project is projected to generate $16.4 million in local property tax revenue for Sanilac County. And cut carbon emissions by approximately 148,389 metric tons per year.
Utility-Scale Solar Advances Across Multiple States
Watertown’s financing close comes as other large solar project construction elsewhere in the country are accelerating. The Nazareth Solar Project, a 201-megawatt utility-scale development in Swisher County, Texas, broke ground last week, underscoring how solar developers continue to advance similarly sized projects through financing and construction in parallel, even across very different regional grids.
Orrick, Herrington & Sutcliffe LLP served as borrower’s counsel to Linea Energy, while Sidley Austin LLP advised Crux.
Watertown Solar Project Fact Sheet
Developer: Linea Energy
Location: Sanilac County, Michigan
Capacity: 172 MWdc
Total financing: $457 million ($299M debt + tax equity from Crux)
Debt lead: Santander Corporate & Investment Banking
Offtaker: Consumers Energy, 25-year PPA
Grid interconnection: MISO
Construction jobs: ~150
Projected annual homes powered: 25,126
Commercial operations: Mid-2027
Projected local tax revenue: $16.4 million over project life
Projected annual carbon reduction: 148,389 metric tons
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