New York-headquartered independent power producer (IPP) TerraForm Power has acquired a 1.56GW solar project in Lee County, Illinois from Hexagon Energy.
The company said Steward Creek Solar is among the largest solar PV projects in the US. The acquisition lifts TerraForm’s pre-construction solar and storage pipeline to nearly 7GW, primarily across the PJM and SERC interconnection areas.
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Mark Noyes, CEO of TerraForm, said the project will scale during a period of unprecedented power demand and grid constraints.
TerraForm has agreed a grid interconnection agreement for the project with utility Commonwealth Edison and grid operator PJM Interconnection.
It will be developed in two phases, each expected to generate around 1.3GWh annually. Phase I is slated to begin construction in 2027 and achieve commercial operation in 2029, followed by Phase II, which is set to start construction in 2028 and reach commercial operation in 2030.
TerraForm Power, an affiliate of Canadian asset firm Brookfield Asset Management, owns and operates around 4.2GW of wind and solar assets across North America and Western Europe, including 2.6GW of wind, solar and battery storage in the US across 16 states. The company also has a renewable development pipeline of nearly 7GW of solar and storage projects, positioning it to meet rising electricity demand.
