TerraForm Power Buys 1.56 GW Solar Project in Landmark Illinois Deal

NEW YORK, NY – February 02, 2026 – In a move that underscores the accelerating scale of the U.S. energy transition, TerraForm Power has acquired the Steward Creek Solar project, a massive 1.56 gigawatt (GW) development in Lee County, Illinois. The deal, announced today, transfers ownership from the project's original developer, Hexagon Energy, to the Brookfield Asset Management affiliate, positioning it to become one of the largest solar farms in the United States.

The acquisition significantly bolsters TerraForm's development portfolio, expanding its pre-construction pipeline of solar and battery storage projects to nearly 7 GW. The project's strategic location within the PJM Interconnection, the largest wholesale electricity market in North America, highlights a focused effort to deliver clean power to regions facing growing electricity demand and grid constraints.

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

A New Era of Gigawatt-Scale Solar

The sheer size of the 1.56 GW Steward Creek project places it in an elite class of renewable energy developments. For context, its capacity significantly exceeds many of the largest currently operational solar farms in the country, such as the 864 MW Edwards & Sanborn facility in California and the 802 MW Copper Mountain Solar Facility in Nevada. It is comparable in scale to the planned 1.3 GW Mammoth Solar project in Indiana, signaling a broader industry trend toward gigawatt-scale developments capable of replacing traditional fossil fuel power plants.

Once fully operational, the project is planned to be built in two phases, each generating approximately 1.3 gigawatt-hours (GWh) of energy annually. This level of generation is critical as the U.S. grid faces the dual pressures of retiring legacy power plants and rising electricity consumption from data centers, manufacturing, and the electrification of transportation.

The acquisition comes as utility-scale solar has cemented its position as the leading source of new generating capacity in the nation, with industry data showing that over 195 GW of major solar projects are now operating. Steward Creek represents the next frontier in this expansion, demonstrating the financial and technical feasibility of building solar infrastructure on a previously unimaginable scale.

A Strategic Acquisition in a Competitive Market

The deal is also a clear reflection of the investment strategy pursued by TerraForm Power and its parent, Brookfield Asset Management. Brookfield, a global asset manager with a deep focus on infrastructure, has aggressively deployed capital into the renewable energy sector, targeting high-quality, long-life assets that can generate stable returns. TerraForm acts as its primary vehicle for owning and operating these assets in North America.

By acquiring a project already in an advanced stage of development from a seasoned developer like Hexagon Energy, TerraForm mitigates the high-risk, early-stage work of site selection, initial permitting, and community outreach. This strategy allows the company to leverage its substantial capital and operational expertise to bring large, complex projects to completion.

“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,” noted Matt Hanztmon, Chief Executive Officer of Hexagon Energy. His comments underscore the trend of consolidation in the renewables market, where large asset managers are partnering with or acquiring specialized developers to rapidly scale their project pipelines.

Powering Illinois's Clean Energy Goals

Locally, the Steward Creek project is poised to be a cornerstone of Illinois's ambitious climate and energy policy. The state’s Climate and Equitable Jobs Act (CEJA) mandates a transition to 40% renewable energy by 2030 and 100% clean energy by 2045. Achieving these targets is impossible without massive, utility-scale projects like Steward Creek.

The economic impact on Lee County and the surrounding region is expected to be substantial. The construction phases will create hundreds of jobs, while the operational farm will provide long-term employment and a significant new source of property tax revenue for local schools, infrastructure, and public services. Furthermore, lease payments to landowners provide a stable, diversified income stream for the local agricultural community.

As with any project of this magnitude, the development will proceed through a rigorous regulatory process involving local, state, and potentially federal oversight. This includes comprehensive environmental impact assessments to address land use, water resources, and wildlife habitats, as well as ongoing community engagement to ensure the project integrates responsibly into the region.

Navigating the Grid Interconnection Challenge

Perhaps the most critical technical and regulatory hurdle for any large-scale power project is securing the right to connect to the electrical grid. A significant milestone highlighted in the announcement is the execution of a 600 MW interconnection agreement between TerraForm, regional utility Commonwealth Edison, and PJM Interconnection.

This agreement is a major de-risking event for the project. The PJM interconnection queue has been notoriously backlogged for years, with hundreds of gigawatts of proposed generation—overwhelmingly solar, wind, and storage—waiting for the complex and costly engineering studies required to ensure a new project will not destabilize the grid. Successfully navigating this process and securing an agreement for a substantial portion of the project’s capacity provides a clear path forward for construction and commercial operation.

The project's phased development plan reflects these realities. Phase 1 is slated to begin construction in 2027 and enter service in 2029, with Phase 2 following a year behind, scheduled to start construction in 2028 and reach commercial operation in 2030. This timeline accounts for the intricate logistics of procurement, construction, and the transmission upgrades necessary to integrate 1.56 GW of new solar power into the grid, ensuring the project can reliably deliver clean energy for decades to come.