I'm not sure I have a lot more to say than the title. Let $G$ be your favorite simple algebraic group over $\mathbb{C}$, and let $$\overline {\mathrm{Gr}}_\lambda= \overline{G(\mathbb{C}[[t]])\cdot t^\lambda \cdot G(\mathbb{C}[[t]])}/ G(\mathbb{C}[[t]]).$$ It's a commonly cited theorem that $\overline {\mathrm{Gr}}_\lambda$ is a projective variety for every $\lambda$, but the usual tricks for finding the Picard group of a Schubert variety in the finite dimensional case don't work (the group $G(\mathbb{C}[[t]])$ is perfect if $G$ is semi-simple). Is this Picard group computed anywhere in the literature?