US-based energy infrastructure company Panamint Capital has reached financial close on the initial phase of a $1.8bn Green Loan to finance construction of Big Rooter Power, a 1.2GWdc solar photovoltaic project.
The Big Rooter Power facility is located at the company’s Calvert Mine and Twin Oaks Power Station in Robertson County, Texas.
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The first phase of the financing, totalling $769m, will support ongoing construction of Big Rooter West, a 491MW-direct current (MWdc) section of the development.
The second phase, valued at over $1bn, is expected to fund construction of Big Rooter East, which will add a further 658MWdc.
MUFG, Lloyds, and SMBC have been appointed as coordinating lead arrangers, co-syndication agents, green loan coordinators, and joint bookrunners for both phases. MUFG is also acting as administrative agent.
The initial financing for Big Rooter West includes a $240m senior secured construction-to-term loan, a $68m letter of credit facility, and a $461m tax equity bridge loan.
Construction on Big Rooter West began in July 2026, with commercial operations expected by August 2028.
The Big Rooter East financing is scheduled to close in the first quarter of 2027 and comprises a $336m construction-to-term loan, a $91m letter of credit facility, and a $587m tax equity bridge loan.
Commercial operation for Big Rooter East is targeted for August 2029.
SMBC power and new energies project finance head Paul Jun said: “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.”
Big Rooter Power, positioned between Dallas and Houston, is being constructed on reclaimed land at the Twin Oaks Complex. It will integrate power generation, energy storage, surface mining, data centres, and high-voltage transmission infrastructure.
The full project is contracted to a single investment-grade offtaker.
Panamint Capital CEO Apolka Totth said: “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 optimising America’s energy infrastructure. We’re grateful to our lending partners for their commitment to this historic project.”
White & Case and Jackson Walker advised Panamint Capital, while Milbank provided legal advice for the lenders. CSC Delaware Trust Company acted as Collateral Agent on the transaction.
