en.Wedoany.com Reported - On July 7, US independent renewable energy producer Linea Energy advanced financing for the Watertown solar project in Michigan and completed a tax equity financing arrangement. The solar project has a capacity of 172 MWdc and is located in Sanilac County, Michigan, currently under construction. Combined with previous debt financing and this round of tax equity financing, the total financing scale for the Watertown solar project has reached $457 million.

The tax equity funds for the solar project come from clean energy financing platform Crux. Previously, Linea Energy secured $299 million in debt financing from a syndicate led by Santander Corporate & Investment Banking to support the construction of this utility-scale solar project. With the addition of tax equity financing, the project's capital structure is more complete, facilitating subsequent construction, equipment procurement, and grid connection arrangements.

The Watertown solar project is scheduled to come online in mid-2027, with electricity entering the Midcontinent Independent System Operator market. The project has also signed a 25-year power purchase agreement with local utility Consumers Energy, and upon completion, it is expected to meet the annual electricity needs of over 25,000 households. Linea Energy acquired the solar project in late 2024, and Watertown is the company's third project to reach financial close, following the Pineview solar project in Georgia and the Duffy battery storage project in Texas. Subsequent focus will be on construction management, grid connection testing, and execution of the power purchase agreement.