TerraForm Power acquires 1.56 GW Steward Creek Solar project from Hexagon Energy

TerraForm Power's acquisition of the 1.56 GW Steward Creek Solar project in Illinois represents a decisive move to anchor one of the largest solar developments within its North American pipeline. This strategic acquisition allows TerraForm Power to secure future generation capacity at a development stage, integrating a substantial asset into its existing 2,200 MW portfolio of wind, solar, and storage. The undisclosed value of the transaction, announced on 2026-03-07, suggests a focus on long-term pipeline growth rather than immediate operational returns. This deal positions TerraForm Power to capitalize on the growing demand for renewable energy in the United States. For TerraForm Power, this 1.56 GW solar development in Illinois substantially augments its existing 2,200 MW portfolio of wind, solar, and storage assets across North America. The company, a leading renewable energy owner and operator, clearly prioritizes large-scale solar expansion within the United States. Hexagon Energy, an Australian company focused on developing clean energy projects including hydrogen and renewables, successfully divests a major US solar development asset. This transaction allows Hexagon Energy to realize value from the Steward Creek Solar project, potentially reallocating capital to its other clean energy initiatives. The acquisition, announced on 2026-03-07, further illustrates the ongoing trend of established operators acquiring significant development-stage solar capacity in the US market.