Panamint Capital, a women-led energy investment and development platform, is working with Houlihan Lokey to explore a potential sale, according to two sources familiar with the situation and a teaser seen by this news service.

The process launched in March, according to the source and the teaser. First round bids are expected by the end of April, the source added.

The potential sale includes PanPower Phoenix Holdings, which owns operating and development projects in the ERCOT electricity market. The teaser notes that Panamint will entertain offers for the full platform or for individual assets.

PanPower Phoenix’s portfolio includes 950 megawatts (MW) of notice-to-proceed capacity across the fully-contracted Big Rooter West and Big Rooter East solar projects, which are backed by  a 15-year power purchase agreement with an “AA rated Fortune 10 counterparty” and are expected to reach commercial operations in 3Q28 and 3Q29, respectively.

It also includes the 790 MW Big Root Data Center (BRDC) project, which is in advanced stages of development, according to the teaser.

PanPower Phoenix also owns the battery energy storage system Big Rooter Storage, comprised of the 400 MW Big Rooter West Storage and the1,600 MW Big Rooter East Storage, which expects to reach commercial operations in 4Q28 and 4Q29, respectively. The Big Rooter , can sell behind-the-meter power to the Big Rooter Data Center or into ERCOT.

It also owns the development-stage gas-fired generation facility Minor Oak Power, with the same dual capability of powering BRDC behind-the-meter or selling into ERCOT. Minor Oak, which is expected to come online in 2030, is being built alongside the operating Twin Oaks Power Station, purchased by Panamint in 2023.

Panamint was founded in 2019. Global Atlantic Financial Group, a wholly owned KKR subsidiary, owns an undisclosed minority stake in Panamint. It could not be learned if Global Atlantic also plans to sell its stake in Panamint.

Panamint Capital and Global Atlantic Financial Group did not respond to request for comment. Houlihan Lokey and KKR declined to comment.

[Editor’s note: The seventh paragraph has been amended post-publication to remove an erroneous mention of Hub Street Energy as co-owner of Twin Oaks Power Station.]