TerraForm Power Acquires 1.56 GW Steward Creek Solar Project from Hexagon Energy

By Global Infrastructure Sherpa · Feb 9, 2026

Acquisition SolarSolar Pv announced Illinois, United States Feb 9, 2026

1.56 GW

Capacity

development

Stage

Steward Creek Solar

Project

TerraForm Power, an affiliate of Brookfield Asset Management, has acquired the 1.56 GW Steward Creek Solar project in Lee County, Illinois, from Hexagon Energy. Marathon Capital served as the exclusive financial advisor to Hexagon Energy on the sale. The project, one of the largest utility-scale solar development acquisitions in the U.S. to date, will significantly expand TerraForm’s pre-construction renewable pipeline to nearly 7 GW. The project will be built in two phases, with construction commencing in 2027 and 2028, and commercial operations expected in 2029 and 2030, respectively.

Deal Analysis

TerraForm Power's acquisition of the 1.56 GW Steward Creek Solar project from Hexagon Energy represents a significant expansion of its renewable energy portfolio. This acquisition, advised by Marathon Capital, will nearly double TerraForm's pre-construction renewable pipeline to approximately 7 GW. The project, located in Lee County, Illinois, is planned for phased construction starting in 2027, with commercial operations targeted for 2029 and 2030. This deal underscores TerraForm Power's commitment to utility-scale solar development and its strategic growth within the renewable energy sector. The Steward Creek Solar project is one of the largest utility-scale solar development acquisitions in the U.S. to date, highlighting the increasing scale of renewable energy projects. The involvement of TerraForm Power, an affiliate of Brookfield Asset Management, further emphasizes the growing interest and investment from major players in the renewable energy space. This transaction signals continued momentum in the solar energy market, driven by increasing demand for clean energy sources and supportive policies. The project's location in Illinois also reflects the expanding geographic footprint of solar energy development across North America.

Acquisition of a 1.56 GW utility-scale solar project by TerraForm Power.
Represents a substantial increase in TerraForm's pre-construction renewable pipeline.
One of the largest utility-scale solar development acquisitions in the U.S. to date.
Involves key players such as TerraForm Power (Brookfield affiliate), Hexagon Energy, and Marathon Capital.

Market Context: The utility-scale solar market in North America is experiencing significant growth, driven by increasing demand for renewable energy and supportive government policies. Illinois, in particular, is becoming an attractive location for solar development due to its renewable energy targets and favorable regulatory environment.