Panamint Capital, a U.S. energy infrastructure investor, has closed the first phase of a $1.8 billion green loan to finance Big Rooter Power, a 1.2 GWdc (gigawatts direct current) solar PV project, according to a press release dated Nov. 4, 2026. The project is located at the Twin Oaks Power Station and Calvert Mine in Robertson County, Texas. The $769 million first phase funds construction of Big Rooter West, a 491 MWdc portion. The deal comes in a state where Waaree is doubling its solar module capacity to 3.2 GW and where Waaree Energies is shifting solar module production to the U.S. as tariffs close the export route.

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A $769 million first tranche for Big Rooter West

The Big Rooter West financing 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. The tax equity bridge loan advances funds pending the arrival of tax equity investors, who provide capital in exchange for tax benefits tied to the project. According to Panamint, construction began in July 2026 and commercial operation is targeted for August 2028.

The second phase, worth more than $1 billion, is meant to finance Big Rooter East, the project's second stage with a capacity of 658 MWdc. It will include a $336 million construction-to-term loan, a $587 million tax equity bridge loan and a $91 million letter of credit facility. Closing is expected in the first quarter of 2027, and commercial operation of Big Rooter East in August 2029, the company says.

Three banks lead the financing

Lloyds, MUFG and SMBC are mandated as Coordinating Lead Arrangers, Green Loan Coordinators, Co-Syndication Agents and Joint Bookrunners on 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 serve as legal counsel to Panamint Capital, while Milbank LLP advises the lenders. Representatives of Lloyds and MUFG also mention KKR in their statements about the transaction. The release does not specify KKR's exact role in the project.

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A 10,000-acre site on former mining land

Panamint describes Big Rooter Power as the largest brownfield renewable energy project in North America, a claim the release does not substantiate in detail. Located halfway between Dallas and Houston, the project uses reclaimed mine land and existing interconnection infrastructure at the 10,000-acre Twin Oaks Complex. The site combines power generation, surface mining, energy storage, data center capacity and high voltage transmission.

Apolka Totth, CEO of Panamint Capital, describes the financing as a "vote of confidence" from lenders in the project. Paul Jun of SMBC says the transaction underscores the bank's commitment to clean power projects meant to meet growing power demand. Matt Curtin of MUFG says the project should help meet growing demand in Texas with a low-carbon solution, while Tony Shi, a Panamint director who led the deal, points to the robust demand the company secured from lenders.