INCLINE VILLAGE, Nev., Nov. 4, 2026 /PRNewswire/ -- Panamint Capital LLC, a leading energy infrastructure investor, has achieved financial close on the first phase of a $1.8 billion Green Loan to finance construction of Big Rooter Power, a 1.2 GWdc solar PV project located at the firm's Twin Oaks Power Station and Calvert Mine in Robertson County, Texas. Proceeds from the $769 million first phase will fund ongoing construction of the 491 MWdc Big Rooter West portion of the project. The over $1 billion second phase of the Green Loan will finance construction of Big Rooter East, the project's 658 MWdc second stage.
Lloyds, MUFG, and SMBC are mandated as Coordinating Lead Arrangers, Green Loan Coordinators, Co-Syndication Agents and Joint Bookrunners, with MUFG also serving as Administrative Agent, on the Big Rooter West and Big Rooter East financings.
The Big Rooter West financing is comprised 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. Construction on Big Rooter West began in July 2026 and the project is on track to achieve commercial operation in August 2028.
The Big Rooter East financing is expected to close in Q1 2027 and includes a $336 million construction-to-term loan, a $587 million tax equity bridge loan and a $91 million letter of credit facility. Big Rooter East is expected to achieve commercial operation in August 2029.
"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."
Big Rooter Power will be the largest brownfield renewable energy project in North America. Located halfway between Dallas and Houston, Big Rooter Power utilizes 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.
"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.
"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.
White & Case LLP and Jackson Walker LLP served as legal counsel to Panamint Capital. Milbank LLP served as legal counsel to the lenders. CSC Delaware Trust Company acted as Collateral Agent.
About Panamint Capital LLC
Panamint Capital is a woman-led energy investment firm, minority-owned by Global Atlantic Financial Group, a wholly owned subsidiary of KKR, headquartered in Incline Village, Nevada. The firm is an investor, operator and developer of power generation, mining, and electric transmission assets in the United States.
About Lloyds Banking Group
Lloyds Banking Group is one of the UK's largest financial services organisations, serving around 27 million customers. Through its Corporate & Institutional Banking business, Lloyds supports businesses and financial institutions in the UK and internationally, providing financing, risk management and capital markets solutions. Across North America, Lloyds supports corporate and institutional clients across a range of sectors, combining local expertise with the capabilities and international reach of the wider Group.
About MUFG
Mitsubishi UFJ Financial Group, Inc. (MUFG) is one of the world's leading financial groups. Headquartered in Tokyo and with over 360 years of history, MUFG has a global network with approximately 2,300 locations in more than 50 countries. The Group has about 160,000 employees and offers services including commercial banking, trust banking, securities, credit cards, consumer finance, asset management, and leasing. The Group aims to "be the world's most trusted financial group" through close collaboration among our operating companies and flexibly respond to all of the financial needs of our customers, serving society, and fostering shared and sustainable growth for a better world. MUFG's shares trade on the Tokyo, Nagoya, and New York stock exchanges.
About SMBC Group
SMBC Group is a top-tier global financial group. Headquartered in Tokyo and with a 400-year history, SMBC Group offers a diverse range of financial services, including banking, leasing, securities, credit cards, and consumer finance. The Group has more than 150 offices and 120,000 employees worldwide in nearly 40 countries. Sumitomo Mitsui Financial Group, Inc. (SMFG) is the holding company of SMBC Group, which is one of the three largest banking groups in Japan. SMFG's shares trade on the Tokyo, Nagoya, and ADRs on the New York (NYSE: SMFG) stock exchanges.
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SOURCE Panamint Capital LLC
