Milbank LLP advised the lenders in connection with a $1.8 billion green loan for leading energy infrastructure investor Panamint Capital LLC 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, which Panamint announced had achieved financial close on November 4, 2026, 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.
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.
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.
“We are proud to have advised the lenders on this historic financing,” said Global Project, Energy and Infrastructure Finance partner Sean O’Neill. “As demand for power grows, innovative projects like this will set new standards for brownfield renewable energy development.”
The Milbank team was led by Global Project, Energy and Infrastructure Finance partner Sean O’Neill with associates Beryl Yan, Scott Clark and Olivia Chang and law clerk Richmond Brautigan.
