Energy infrastructure investor Panamint Capital, has closed the first phase of a US$1.8 billion loan comprising of $769 million, to finance construction of Big Rooter Power, a 1.2 GWdc solar PV project.
The Big Rooter Power PV plant will be located at the company’s Twin Oaks power station and the still-active Calvert Mine in Robertson County, Texas.
Try Premium for just $1
- Full premium access for the first month at only $1
- Converts to an annual rate after 30 days unless cancelled
- Cancel anytime during the trial period
Premium Benefits
- Expert industry analysis and interviews
- Digital access to PV Tech Power journal
- Exclusive event discounts
Or get the full Premium subscription right away
Or continue reading this article for free
Proceeds from the first phase are intended for ongoing construction work at the 491MW Big Rooter West portion of the project. The second phase of the loan will finance construction of Big Rooter East, the project’s 658MW second stage, at a cost of over US$1 billion.
Financing for the first phase of the 1.2GW solar PV project was arranged by Lloyds, MUFG and SMBC. The finance for the first phase comprises a $240 million construction-to-term loan, a $461 million tax equity bridge loan and a $68 million credit facility. Construction on Big Rooter West began in July 2026 and the project should reach commercial operation in August 2028.
Financing for phase two, Big Rooter East, is expected to close in Q1 2027 and the phase is expected to be operational a year later.
Big Rooter Power will be the largest brownfield renewable energy project in North America, located between Dallas and Houston. The site is a an active coal mine with power interconnection infrastructure at Panamint’s Twin Oaks power station, a capability the solar PV facility is expected to use.
Speaking in July this year, Apolka Totth, CEO of Panamint, said: “When Big Rooter is complete, the Twin Oaks complex will have 1.5GW of operating thermal and renewable power, in addition to over 20 miles of new 345kV transmission [and] 1.6GWh of battery energy storage.” The 310 MW lignite coal plant at Twin Oaks is expected to maintain operations, and per Canary Media, the company’s CEO Apolka Totth said the company is “looking at expanding the mine and building a rail terminal.” The company also states that the site could be used to host a data centre, although no plans for this have been announced.
