Panamint Capital LLC has achieved financial close on the first phase of a $1.8 billion green loan to finance the construction of the 1.2 GWdc Big Rooter Power solar photovoltaic (PV) project in Robertson County, Texas, US. The project is being developed at the company’s Twin Oaks Power Station and Calvert Mine. The first phase involves $769 million and will fund the ongoing construction of Big Rooter West, which has a capacity of 491 MWdc. The second phase, valued at over $1 billion, will finance the construction of Big Rooter East, with a capacity of 658 MWdc.
Furthermore, the financing for Big Rooter West 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. Construction began in July 2026, and the project is expected to commence commercial operations in August 2028. The financing for Big Rooter East is expected to close in the first quarter of 2027 and will comprise a $336 million construction-to-term loan, a $587 million tax equity bridge loan, and a $91 million letter of credit facility. The project is expected to begin commercial operations in August 2029.
Earlier, in December 2025, Panamint Capital LLC signed a 15-year tolling agreement with Northern States Power Co. for the Cottage Grove battery energy storage project located in Washington County, Minnesota. The project has an installed capacity of 80-MW/320-MWh and is co-located with the 265 MW Cottage Grove Cogeneration facility. Commercial operations for the project are scheduled to commence in June 2028.