Panamint Capital has reached financial close on the $769 million first phase of a $1.8 billion green loan for Big Rooter Power, a 1.2 GWdc solar project built on reclaimed coal mine land in Robertson County, Texas.
The tranche funds Big Rooter West, a 491 MWdc phase that broke ground in July and is scheduled to enter commercial operation in August 2028. It combines a $240 million construction-to-term loan, a $461 million tax equity bridge facility and a $68 million letter of credit. Lloyds, MUFG and SMBC are coordinating lead arrangers and joint bookrunners on both phases, with MUFG also acting as administrative agent.
A second package of more than $1 billion is expected to close in the first quarter of 2027 for Big Rooter East, a 658 MWdc phase split into $336 million, $587 million and $91 million facilities. Construction there is due to start in December, with operation in August 2029.
The site sits midway between Dallas and Houston on Panamint’s 10,000-acre Twin Oaks complex, which already holds the 310 MW lignite-fired Twin Oaks Power Station and the Calvert surface mine that feeds it. Big Rooter reuses both the reclaimed land and the station’s grid connection.
SOLV Energy is the EPC contractor. First Solar will supply about 2 million modules from Ohio, Louisiana and Alabama, and Nextpower is providing trackers. Output is contracted under a long-term PPA with an unnamed investment-grade buyer.
✦ This article was adapted by AI from public news sources for informational purposes only. It does not constitute investment advice.
