TerraForm buys 1.5GW Steward Creek Solar project from Hexagon Energy

TerraForm Power has acquired the Steward Creek Solar project, a 1.56GW solar development in Lee County, Illinois, US, from Hexagon Energy for an undisclosed price.

The transaction increases TerraForm Power’s pre-construction pipeline of solar and battery storage projects to nearly 7GW, with a primary focus on the Pennsylvania-New Jersey-Maryland (PJM) and SERC Reliability Corporation regions.

Steward Creek Solar ranks among the largest photovoltaic projects under development in the US. The project achieved a key milestone with the signing of a 600MW interconnection agreement between TerraForm Power, Commonwealth Edison and PJM Interconnection.

Hexagon Energy is the original developer of the project. The Charlottesville, Virginia-based company has developed and sold more than 2.5GW of clean energy projects since its establishment.

Hexagon Energy CEO Matt Hanztmon said: “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. The TerraForm Power team brings deep experience and a strong track record, and we are excited to see the project move forward.”

The project is planned in two phases, with each phase set to produce approximately 1.3 gigawatt-hours (GWh) of energy annually once operational.

Construction of the first phase is set to begin in 2027, with commercial operations anticipated in 2029. The second phase is scheduled to commence construction in 2028 and is expected to become operational in 2030.

TerraForm CEO Mark Noyes said: “This landmark project highlights our ability to deliver renewable energy at scale during a period of unprecedented power demand and grid constraints. Steward Creek Solar demonstrates the growing role renewables will play in meeting the nation’s long-term energy needs.”

TerraForm Power, an affiliate of Brookfield Asset Management, operates 2.6GW of wind, solar and battery storage facilities across 16 states in the US and Ontario, Canada. Its renewable development pipeline totals approximately 7GW.

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