Linea Energy Closes Project Debt Financing for Watertown Solar in Michigan

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.

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").

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").

"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."

"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."

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 Operator ("MISO") market beginning in April 2027. Over the next 20 years, the project is projected to deliver $16.4 million in local property tax revenue and reduce carbon emissions by approximately 148,389 pounds annually, supporting a cleaner, more resilient energy grid across Michigan.

This financing marks Linea's third renewable energy project to reach financial close.
Winston & Strawn served as legal counsel to the lenders. Orrick, Herrington & Sutcliffe served as borrower counsel to Linea Energy.

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 wind, solar, and battery energy storage 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 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