You should have one (or more) unit test projects per target project. This is the only way you can stay flexible and vary each unit test suite together with the target project.
If you have one unit test project covering more than one target project, this creates an artificial tight coupling between these two projects, because you will not be able to compile the unit test project without all of its target projects. This, again, makes it really hard to test a single project in isolation - which is what unit testing is all about.
If you need to share test code between several test targets, you can always create a shared library with a generalized, reusable test API, as long as it doesn't reference any of the target projects.
That said, I have to agree with Jon Skeet that a solution with 270 projects is a structural smell that must be addressed first (unless it is a "build all" solution used for automated builds).