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Panamint Capital LLC has closed the $769 million first phase of a $1.8 billion Green Loan for Big Rooter Power, a solar project being built on reclaimed coal mine land in Robertson County, Texas. The second financing phase, totaling over $1 billion, is expected to close in Q1 2027.
The initial proceeds will support ongoing construction of Big Rooter West, the 491 MWdc portion of the project. Work began in July 2026, with commercial operation on track for August 2028.
Panamint describes the full 1.2 GWdc Big Rooter Power development as the largest brownfield renewable energy project in North America. It is located at the firm's Twin Oaks Power Station and Calvert Mine, halfway between Dallas and Houston.
"The completion of this financing with Lloyds, MUFG and SMBC is a strong vote of confidence in our Big Rooter Power project and in Panamint's innovative approach to optimizing America's energy infrastructure" said Apolka Totth, CEO of Panamint Capital. "We're grateful to our lending partners for their commitment to this historic project."
The Big Rooter West financing consists of a $240 million senior secured construction-to-term loan, a $461 million tax equity bridge loan and a $68 million letter of credit facility.
The second phase will finance Big Rooter East, the development's 658 MWdc second stage. Its financing includes a $336 million construction-to-term loan, a $587 million tax equity bridge loan and a $91 million letter of credit facility. Commercial operation is expected in August 2029.
Lloyds, MUFG, and SMBC are mandated as Coordinating Lead Arrangers, Green Loan Coordinators, Co-Syndication Agents and Joint Bookrunners for both financings. MUFG also serves as Administrative Agent.
"Closing a transaction of this scale and complexity is a direct reflection of Panamint's deep execution capabilities and strong capital markets relationships. The competitive terms and robust demand we secured demonstrate the market's confidence in the quality of this solar facility and in Panamint's ability to structure complex energy deals", said Tony Shi, Director at Panamint Capital, who led the deal for the firm.
"We are pleased to partner with Panamint Capital in financing Big Rooter West. This transaction underscores SMBC's commitment to supporting best-in-class clean power projects that deliver critical generation capacity to meet growing power demand", said Paul Jun, Head of Power & New Energies Project Finance at SMBC.
"We are pleased to support Panamint Capital and KKR on the financing of Big Rooter West, bringing our infrastructure and project finance expertise to an important investment in US energy infrastructure. We look forward to building on these relationships as the wider Big Rooter Power project progresses", said Timothy Chin, US Head of Infrastructure & Project Finance, Lloyds.
"MUFG is proud to support Panamint Capital and KKR as a CLA and Administrative Agent on this important transaction, financing the first phase of the $1.8 billion, 1.2 GWdc Big Rooter Power solar project, which will help meet growing demand in Texas with a low carbon solution", said Matt Curtin, Managing Director at MUFG.
White & Case LLP and Jackson Walker LLP provided legal counsel to Panamint Capital, while Milbank LLP represented the lenders. CSC Delaware Trust Company acted as Collateral Agent.
Big Rooter Power will use reclaimed coal mine land and operating interconnection infrastructure at Panamint's 10,000-acre Twin Oaks Complex. The campus combines power generation, surface mining, energy storage, data center capacity, and high voltage transmission.
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