Linea Energy, a San Francisco-based renewable energy developer and independent power producer sponsored by EnCap Investments L.P., has closed a tax equity financing with Crux for its Watertown solar project in Sanilac County, Michigan, bringing the total capital raise for the 172 MWdc utility-scale facility to USD 457 million.

Final Financing Piece Completes Capital Stack

The tax equity commitment from Crux represents the final commercialization transaction for the Watertown project, completing a financing structure that was built around a previously announced USD 299 million project debt package.

That debt raise comprised a construction-to-term loan, a tax equity bridge loan, and a letter of credit facility, led by Santander Corporate and Investment Banking with participation from Société Générale, Norddeutsche Landesbank Girozentrale, and Truist Bank. The addition of the single-investor tax equity commitment from Crux brings the cumulative financing for the project to USD 457 million.

Linea acquired the Watertown project in December 2024 and subsequently completed development, commercialization, financing, and conversion to construction. The project is now under construction, with commercial operations expected to begin in mid-2027.

Long-Term Offtake Agreement Anchors the Project

The Watertown facility is contracted under a 25-year power purchase agreement with Consumers Energy, a regulated Michigan utility operating under the jurisdiction of the Michigan Public Service Commission. The long-duration contracted revenue stream was cited by both Linea and Crux as a defining characteristic of the project's financing structure.

Cassidy DeLine, Chief Executive Officer of Linea Energy, described the project as representative of the kind of asset the company was built to execute.

"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," DeLine said. "We're proud to be bringing meaningful economic benefits to Sanilac County and clean, reliable power to Michigan consumers."

Yonette Chung McLean, Chief Capital Officer of Crux, pointed to the project's contracted revenue and capital structure as hallmarks of the current market. "Watertown is a strong example of the high-quality projects that define the market today, long-tenor contracted revenue and a financing structure that brings together the right capital in the right form," she said.

Project Scale and Local Economic Impact

Once operational, the Watertown solar facility is expected to generate enough clean energy to power approximately 25,126 Michigan homes annually on the Midcontinent Independent System Operator grid, which Linea described as roughly equivalent to every home in a city the size of Pontiac. The project is currently supporting approximately 150 construction jobs.

Over the course of its operating life, Watertown is projected to deliver USD 16.4 million in local property tax revenue to Sanilac County. The project is also expected to reduce carbon emissions by approximately 148,389 metric tons annually, according to figures provided by Linea Energy.

Crux's Role in Clean Energy Capital Markets

Crux, which describes itself as a capital platform for the clean economy, provided the single-investor tax equity commitment that closed the Watertown financing package.

The company offers capital-raising and deployment services across advisory, investments, technology, and intelligence functions for clean energy and critical infrastructure projects.

Since 2023, Crux has executed what it describes as billions of dollars in capital transactions for clients, and the firm has raised more than USD 77 million in funding from venture capital and strategic investors.

Chung McLean indicated that Crux intends to continue deploying capital alongside independent power producers as clean energy demand grows. Securities offerings are undertaken by Crux Capital Securities, LLC, the company's registered broker-dealer.

Linea Energy's Broader Platform and Sponsorship

Linea Energy is focused on the development, ownership, and operation of solar, battery energy storage, and wind projects. The company is sponsored by EnCap Investments, which has been a provider of growth capital to the U.S. energy industry since 1988.

EnCap has raised 25 institutional investment funds totaling approximately USD 42 billion and currently manages capital on behalf of more than 350 domestic and international investors.

The firm's energy transition platform, founded in 2019, is led by four managing partners, each carrying 30 to 35 years of experience in renewable energy development and operations.

Orrick, Herrington and Sutcliffe LLP served as borrower's counsel to Linea Energy in the transaction. Sidley Austin LLP served as legal counsel to Crux.

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