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Linea Energy Closes Project Debt Financing for Watertown Solar in Michigan
Linea Energy ("Linea"), a U.S. based renewable energy developer and independent power producer ("IPP"), that is sponsored by EnCap Investments L.P. ("EnCap"), announced today that it has closed project financing for its Watertown solar project ("Watertown"). Watertown is a 172 MWdc utility-scale solar energy facility located in Sanilac County, Michigan.
About this update from Banco Santander, S.a.
[{"type":"text","content":"SAN FRANCISCO, March 24, 2026 /PRNewswire/ -- Linea Energy ("Linea"), a U.S. based renewable energy developer and independent power producer ("IPP"), that is sponsored by EnCap Investments L.P. ("EnCap"), announced today that it has closed project financing for its Watertown solar project ("Watertown"). Watertown is a 172 MWdc utility-scale solar energy facility located in Sanilac County, Michigan.","length":446,"tagName":"p"},{"type":"text","content":"The Watertown financing package includes a construction-to-term loan, a tax equity bridge loan, and a letter of credit facility. The financing is led by Santander Corporate & Investment Banking, ("Santander"), with participation from Société Générale, S.A. ("SocGen"), Norddeutsche Landesbank Girozentrale ("NORD/LB") and Truist Bank ("Truist").","length":389,"tagName":"p"},{"type":"text","content":"Linea has also executed a 25-year power purchase agreement ("PPA") with Consumers Energy, a public entity operating under the jurisdiction of the Michigan Public Service Commission ("MPSC").","length":210,"tagName":"p"},{"type":"text","content":""We are thrilled to announce the successful financing of Watertown," said Cassidy DeLine, Chief Executive Officer of Linea Energy. "With the support of our financing partners and our long-term agreement with Consumers Energy, Watertown will bring meaningful economic benefits to Sanilac County while supporting the state's long-term transition to a resilient, low-carbon grid."","length":401,"tagName":"p"},{"type":"text","content":""Santander is proud to partner with Linea Energy on the financing of Watertown," said Nuno Andrade, U.S. Head of Structured Finance and Global Head of Structured Finance Digital Infrastructure and REGAL, Santander Corporate & Investment Banking. "This project underscores the strength of Linea's platform and will deliver long-term value for Michigan communities and the broader renewable energy sector."","length":432,"tagName":"p"},{"type":"text","content":"Now under construction, Watertown is expected to support approximately 150 construction jobs and generate enough clean energy to power 25,126 Michigan homes annually on the Midcontinent Independent System Operato...