Linea Energy and Crux Close Tax Equity Financing for 172 MWdc Michigan Solar Project

SAN FRANCISCO, July 6, 2026 /PRNewswire/ -- Linea Energy ("Linea"), a U.S.-based renewable energy developer and independent power producer that is sponsored by EnCap Investments L.P. ("EnCap"), today announced the closing of a tax equity financing with Crux for its Watertown solar project ("Watertown" or the "Project"). Watertown is a 172 MWdc utility-scale solar energy facility located in Sanilac County, Michigan.

The Watertown financing package includes a single-investor tax equity commitment from Crux. This tax equity commitment is the final commercialization transaction for the Watertown project. Linea previously announced a $299 million project debt raise comprised of a construction-to-term loan, a tax equity bridge loan, and a letter of credit facility. The debt financing was led by Santander Corporate & Investment Banking ("Santander"), with participation from Société Générale, S.A., Norddeutsche Landesbank Girozentrale, and Truist Bank. With this investment from Crux, the total capital raise for the project totals $457 million.

The Watertown project is contracted under a 25-year power purchase agreement ("PPA") with Consumers Energy, a regulated Michigan utility operating under the jurisdiction of the Michigan Public Service Commission.

"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. Linea's acquisition of the Project in December 2024, and subsequent completion of development, commercialization, financing, and conversion to construction reflects the strength and depth of the Linea platform" said Cassidy DeLine, Chief Executive Officer of Linea Energy. "We're proud to be bringing meaningful economic benefits to Sanilac County and clean, reliable power to Michigan consumers. We are grateful to Crux, Santander, and our full financing team for their partnership in getting this project to the construction phase."

"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. We're pleased to support Linea Energy as they bring this project to market and look forward to continuing to deploy capital alongside next-gen independent power producers like Linea as clean energy demand continues to grow," said Yonette Chung McLean, Chief Capital Officer of Crux.

Now under construction, Watertown is expected to support approximately 150 construction jobs and generate enough clean energy to power approximately 25,126 Michigan homes annually on the Midcontinent Independent System Operator ("MISO") grid, roughly equivalent to every home in a city the size of Pontiac. Commercial operations are expected to begin in mid-2027. Over the project's operating life, Watertown is projected to deliver $16.4 million in local property tax revenue to Sanilac County and reduce carbon emissions by approximately 148,389 metric tons annually, supporting a cleaner, more resilient energy grid across Michigan.

This tax equity closing marks another significant milestone in Linea's growth as a leading independent power producer in the U.S. renewable energy market.

Orrick, Herrington & Sutcliffe LLP served as borrower's counsel to Linea Energy. Sidley Austin LLP served as legal counsel to Crux.

About Linea Energy

Linea Energy is a leading independent power producer focused on the development, ownership, and operation of clean energy infrastructure. Headquartered in San Francisco, California, Linea is committed to driving the energy transition through the efficient development of a diverse portfolio of solar, battery energy storage, and wind projects. In partnership with EnCap Investments, Linea is dedicated to creating sustainable energy solutions that support a low-carbon future. Linea is focused on re-envisioning existing development strategies and creating unique processes to build more, faster. For more information, visit www.lineaenergy.com.

About Crux

Crux is the capital platform for the clean economy. Crux modernizes capital raising and deployment for clean energy and critical infrastructure with solutions across advisory, investments, technology, and intelligence. Since 2023, Crux has executed billions of dollars in capital transactions for clients. Offerings of securities are undertaken by Crux Capital Securities, LLC, Crux's registered broker-dealer. Crux has raised more than $77 million in funding from venture capital and strategic investors. For more information, visit www.crux.com.

About EnCap Investments

Since 1988, EnCap Investments has been a leading provider of growth capital to the independent sector of the U.S. energy industry. The firm has raised 25 institutional investment funds totaling approximately $42 billion and currently manages capital on behalf of more than 350 U.S. and international investors. Founded in 2019, the EnCap Energy Transition platform is led by four Managing Partners, each with 30–35 years of experience in the development and operations of renewable energy and other power generation assets. For more information, please visit www.encapinvestments.com.

SOURCE Linea Energy