News & Events
Marathon Capital Advises Hexagon Energy on Sale of 1.56 GW Steward Creek Solar Project to TerraForm Power
February 09, 2026
February 09, 2026
Utility Scale Clean Power
Mergers and Acquisitions
Marathon Capital, a leading independent investment bank focused on global power and infrastructure, today announced that it served as exclusive financial advisor to Hexagon Energy on the sale of Steward Creek Solar, a 1.56 GW project in Lee County, Illinois, to TerraForm Power, an affiliate of Brookfield Asset Management.
The transaction represents one of the largest utility‑scale solar development acquisitions announced to date in the United States and significantly expands TerraForm’s pre‑construction renewable pipeline to nearly 7 GW.
The project will be built in two phases, each expected to deliver approximately 1.3 TWh of clean energy annually once operational. Phase I is scheduled to commence construction in 2027 with commercial operations expected in 2029; Phase II is planned to begin in 2028 and reach commercial operation by 2030.
“Steward Creek has been a significant undertaking, requiring steady, resilient development amid an evolving interconnection framework. We were proud to support Hexagon Energy throughout this process, especially for a project in our home state of Illinois,” said Felipe Arrazola, Managing Director & Co-Head of Chicago Office, Marathon Capital. “The project reflects the strong and growing market appetite for high‑quality renewable assets and the pivotal role that experienced developers like Hexagon Energy play in driving large‑scale clean energy development.”
