TerraForm Power, an affiliate of Brookfield Asset Management, acquired the Steward Creek Solar project from Hexagon Energy. The project site is located in Lee County, Illinois. This project has a nameplate capacity of 1.56 GWdc, which equates to 1.2 GWac of power generation.
The acquisition includes a 600 MW interconnection agreement within the PJM market territory. This agreement provides the project with a path to deliver electricity to the regional grid.
Following this transaction, TerraForm Power maintains a development pipeline of solar and storage projects totaling 7 GW. Hexagon Energy is a solar developer based in Virginia that managed the early stages of the site.
The project schedule consists of two phases. Construction for the first phase begins in 2027 with operation starting in 2029. The second phase begins construction in 2028 and starts operation in 2030.
The project design allows for the addition of a 150 MW battery energy storage system. The companies did not disclose the financial terms of the deal during the announcement.
Illinois has become a location for large solar installations due to state policy and land availability. The Steward Creek site sits within the PJM interconnection queue, which is a system that manages the addition of new sources of electricity to the transmission network.
Having a secured interconnection agreement reduces the time required for a project to reach the construction stage. TerraForm Power operates assets in the wind, solar, and storage sectors. The acquisition of the Steward Creek project adds to the renewable energy capacity under management by Brookfield Asset Management in the United States.
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