Panamint Closes $769M Big Rooter West Solar Financing
The financing funds the first phase of a $1.8 billion green loan for the 1.2 GW Big Rooter Power solar development in Texas.
Updated on Nov. 9, 2026 in Corporate Finance
Panamint Capital has closed $769 million in financing for the 491 MW Big Rooter West solar project. The financing is the first phase of a $1.8 billion green loan for Big Rooter Power.
Why it matters
The financing supports a large solar build on reclaimed coal mine land in Texas, a sign of continued capital flowing into large-scale solar. Panamint expects to close financing for the second phase, Big Rooter East, in the first quarter of 2027.
The $769 million package for the 491 MW Big Rooter West project forms part of a $1.8 billion green loan covering the 1.2 GW Big Rooter Power development. Financing for the second phase, Big Rooter East, which is expected to total $1.01 billion, has not yet closed.
The players
Panamint Capital
Panamint Capital is an investment firm headquartered in Incline Village, Nevada, that is developing and financing the Big Rooter solar projects. Global Atlantic Financial Group, a subsidiary of KKR, holds a minority stake in the firm.
Lloyds
Lloyds is a major British banking group that is serving as a coordinating lead arranger for the Big Rooter financings. It is one of the largest retail and commercial banks in the United Kingdom.
MUFG
MUFG, or Mitsubishi UFJ Financial Group, is a Japanese multinational financial group that is serving as a coordinating lead arranger for the Big Rooter financings. It is among the largest banking groups in Japan.
SMBC
SMBC, or Sumitomo Mitsui Banking Corporation, is a Japanese megabank that is serving as a coordinating lead arranger for the Big Rooter financings. It is one of the three largest banking groups in Japan.
The details
The Big Rooter West financing includes 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 project is being built on reclaimed coal mine land at the 10,000-acre Twin Oaks Complex between Dallas and Houston, a site with existing operating interconnection infrastructure.
Timeline
July 2026: Construction of Big Rooter West began.
First quarter 2027: Panamint expects to close financing for Big Rooter East.
August 2028: Commercial operations for Big Rooter West are scheduled.
August 2029: Commercial operations for Big Rooter East are scheduled.
Market Dynamics
The Big Rooter financing extends a 75% rise in large-scale solar funding recorded in the first nine months of 2026. Similar large-scale financings are also moving forward, including Arevon's 124 MW Big Muddy Solar project in Illinois, which has secured a $120 million tax equity commitment from Wells Fargo.
Large solar projects like Big Rooter are increasingly financed through multi-part loan and tax equity structures, which shape how capital is committed over several years. Investors tracking renewable energy funds may see this kind of phased financing as an indicator of where project capital is moving.
The takeaway
Large renewable projects are increasingly built in phases with staged financing, so tracking each closing gives a clearer picture of project progress. The Big Rooter sequence shows how one developer can layer construction, tax equity, and letter of credit facilities across a single site.
What happens next
Panamint Capital expects to close financing for the 658 MW Big Rooter East project in the first quarter of 2027, and Big Rooter East is scheduled to begin commercial operations in August 2029.
Further reading
Explore more Corporate Finance coverage for context on how large energy projects are funded.
