Panamint Capital Secures 1.8 Billion Dollar Green Loan for Renewable Energy Project

✦ Meridian Analysis

Panamint Capital LLC has reached financial close on the first phase of a $1.8 billion green loan that will fund the construction of Big Rooter Power, a 1.2 GWdc solar PV development on reclaimed coal‑mine land in Texas. The $769 million tranche finances the 491 MWdc Big Rooter West segment, with a $240 million senior secured construction‑to‑term loan, a $461 million tax‑equity bridge loan and a $68 million letter of credit. Lloyds, MUFG and SMBC act as coordinating lead arrangers, green‑loan coordinators, co‑syndication agents and joint bookrunners, while MUFG also serves as administrative agent. The lenders’ participation reflects a standard project‑finance structure where construction financing is converted to term debt once the asset reaches commercial operation, scheduled for August 2028 for West and August 2029 for the 658 MWdc East phase, which is slated to close in Q1 2027. Going forward, market participants will watch the closing of the Big Rooter East financing, the final composition of the tax‑equity structure and any covenants attached to the construction‑to‑term facilities. The announcement did not disclose the pricing, leverage ratios or the identity of the tax‑equity investors, nor the regulatory approvals required for the Texas interconnection, all of which will shape the ultimate risk profile of the project.

The Meridian Weekly