Linea Energy secures tax equity financing for Michigan solar project

US-based Linea Energy has completed a taxation equity financing with Crux for its Watertown star project, a 172MW-direct existent (MWdc) utility-scale installation successful Sanilac County, Michigan.

The project, operated by Linea Energy, marks the latest signifier of improvement for the site, which is present nether construction.

The financing bundle includes a single-investor taxation equity committedness from Crux and completes the commercialisation signifier of the Watertown project.

With this investment, the full superior raised for the task present stands astatine $457m.

Linea Energy antecedently secured $299m successful task indebtedness consisting of a construction-to-term loan, a missive of recognition installation and a taxation equity span loan.

Santander Corporate & Investment Banking led the indebtedness arrangement, with further information from Société Générale, Norddeutsche Landesbank Girozentrale and Truist Bank.

The Watertown task is backed by a 25-year powerfulness acquisition statement with Michigan inferior Consumers Energy.

Commercial operations astatine the installation are scheduled to statesman successful mid-2027.

Linea Energy CEO Cassidy DeLine said: "Watertown represents precisely the benignant of task Linea was built to execute – a large-scale, semipermanent cleanable vigor plus paired with creditworthy offtake and an businesslike financing structure.

"Linea's acquisition of the task successful December 2024, and consequent completion of development, commercialisation, financing and conversion to construction, reflects the spot and extent of the Linea platform.

"We are arrogant to beryllium bringing meaningful economical benefits to Sanilac County and clean, reliable powerfulness to Michigan consumers."

The task is expected to make astir 150 operation jobs and proviso capable renewable energy annually for astir 25,126 homes wrong the Midcontinent Independent System Operator grid.

Watertown is projected to present $16.4m successful section spot taxation gross to Sanilac County implicit its beingness and is estimated to trim c emissions by astir 148,389t each year.

Legal counsel for Linea Energy was provided by Orrick, Herrington & Sutcliffe, portion Sidley Austin advised Crux.

"Linea Energy secures taxation equity financing for Michigan star project" was primitively created and published by Power Technology, a GlobalData owned brand.