TerraForm Power, an affiliate of Brookfield Asset Management and a renewable energy company in North America, has acquired the 1.56 GW Steward Creek solar project under development in Lee County, Illinois, from its developer, Hexagon Energy.
The project will be developed in two phases, each expected to generate approximately 1.3 GWh of energy annually once operational.
Construction on phase 1 of the solar project is expected to commence in 2027, with commercial operation scheduled for 2029. Phase 2 is to begin construction in 2028 and reach operation in 2030. TerraForm, Commonwealth Edison, and PJM Interconnection recently executed a 600 MW interconnection agreement for the project.
This acquisition is expected to expand TerraForm’s pre-construction pipeline of solar and battery storage projects to nearly 7 GW, primarily located in PJM and SERC.
The company’s portfolio comprises 2,600 MW of utility-scale solar, wind, and battery energy storage projects so far, with operations across 16 U.S. states and Ontario, Canada.
“Steward Creek is a flagship project for Hexagon, and we sought a partner with the expertise and capability to bring one of the country’s largest solar projects to successful completion,” said Matt Hanztmon, Chief Executive Officer of Hexagon Energy. “The TerraForm Power team brings deep experience and a strong track record, and we are excited to see the project move forward.”
In May 2025, TerraForm Power, announced the acquisition of Sun Tribe Development, a mid-sized utility-scale solar and storage developer. Sun Tribe has executed over 800 MW of projects and more than 4,100 MW in its pipeline across the Mid-Atlantic and Southeastern U.S.
According to Mercom’s Annual and Q4 2025 Solar Funding and M&A report, approximately 37.4 GW of solar projects were acquired in 2025, compared to 37.7 GW in 2024.
In February 2026, Aspen Power, a distributed energy generation platform, acquired the first two projects in an 18 MWdc portfolio of community solar projects located in upstate New York from CTEC Solar, a solar and energy storage project developer, engineering, procurement, and construction (EPC) provider, and operations and maintenance (O&M) provider.
