Incline Village – November 04, 2026 -- Panamint Capital LLC has reached financial close on the first phase of a $1.8 billion Green Loan to build Big Rooter Power, a 1.2 GWdc solar PV project that the company describes as the largest brownfield renewable energy project in North America. The $769 million first phase funds construction of the 491 MWdc Big Rooter West portion in Robertson County, Texas.
Lloyds, MUFG and SMBC lead the lender group
Lloyds, MUFG and SMBC are mandated as Coordinating Lead Arrangers, Green Loan Coordinators, Co-Syndication Agents and Joint Bookrunners on both the Big Rooter West and Big Rooter East financings. MUFG also serves as Administrative Agent. CSC Delaware Trust Company acts as Collateral Agent.
White & Case LLP and Jackson Walker LLP advised Panamint, while Milbank LLP advised the lenders.
Big Rooter West financing splits into three facilities totaling $769 million
The package comprises a $240 million senior secured construction-to-term loan, a $461 million tax equity bridge loan and a $68 million letter of credit facility. Construction began in July 2026, and commercial operation is targeted for August 2028.
Big Rooter East financing of more than $1 billion is due to close in Q1 2027
The second phase will fund the 658 MWdc Big Rooter East. It 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.
Tony Shi, the Panamint director who led the deal, said the "competitive terms and robust demand" secured show market confidence in the facility and in Panamint's ability to structure complex energy transactions.
Project reuses reclaimed coal mine land and existing interconnection
Big Rooter Power sits halfway between Dallas and Houston on reclaimed coal mine land at the Twin Oaks Power Station and Calvert Mine. It uses 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.
Lender executives tied the financing to demand growth. SMBC's Paul Jun said the project delivers critical generation capacity to meet rising power demand. MUFG's Matt Curtin said it will help meet growing demand in Texas with a low-carbon solution.
Panamint is minority-owned by Global Atlantic Financial Group, a wholly owned subsidiary of KKR. Lloyds and MUFG both cited KKR alongside Panamint in their statements on the financing.