{
  "artifact_type": "Steward Creek Public Project Observation Chain",
  "boundary": "Public project/process observations are not Great Bay-financed security events unless event-to-facility binding is separately established. No baseline, disposition, savings, payer, WTP, price, credit or legal conclusion.",
  "buyer_value_usd": 0,
  "capital_instrument_attribution": "MULTI_INSTRUMENT_ATTRIBUTION_REQUIRED",
  "commercial_state": "NAMED_PROJECT_INCLUDED_SCOPE_EVENT_AND_CAPITAL_INSTRUMENT_ATTRIBUTION_REQUIRED",
  "economics_shadow_ready": false,
  "monetization_boundary": "TerraForm acquisition is a project-level event only. Do not attribute repayment, release, sale proceeds or other economics to the Great Bay PJM interconnection facility without explicit capital-instrument binding.",
  "observations": [
    {
      "boundary": "Does not identify queue request, instrument, security amount, posting date or which requirement the facility funded.",
      "date": "2024-12-10",
      "event_type": "financing_named_project_inclusion",
      "evidence_id": "SC-001",
      "public_fact": "Great Bay includes Steward Creek in the up-to-$30m transaction; Hexagon and Great Bay counsel describe the same transaction as supporting a broader 3.4 GW PJM portfolio.",
      "source_url": "https://www.greatbayroyalties.com/news/great-bay-renewables-announces-financing-for-development-partner-hexagon-energy-to-fund-pjm-interconnection-deposit/",
      "state": "NAMED_PROJECT_INCLUDED_TRANSACTION_SCOPE_CONFLICT"
    },
    {
      "boundary": "Does not establish treatment, repayment, release, assignment or survival of the Great Bay facility/security.",
      "date": "2026-02-02",
      "event_type": "project_monetized",
      "evidence_id": "SC-002",
      "public_fact": "TerraForm Power publicly announces acquisition of the 1.56 GW Steward Creek Solar project from Hexagon Energy.",
      "source_url": "https://www.terraform.com/news-press/terraform-power-announces-acquisition-of-1-56-gw-solar-project-from-hexagon-energy-in-lee-county-illinois/",
      "state": "PUBLIC_PROJECT_TRANSITION"
    },
    {
      "boundary": "Public study state is not proof that Great Bay funded the associated security requirement.",
      "date": "2026-05-14",
      "event_type": "process_state_observed",
      "evidence_id": "SC-003",
      "public_fact": "PJM Final System Impact Study v2 for AF2-041 identifies Steward Creek Solar LLC, ComEd, Lee County and Transition Cycle 1.",
      "source_url": "https://www.pjm.com/pjmfiles/pub/planning/project-queues/TC1/FINAL/AF2-041/AF2-041_imp_FINAL.htm",
      "state": "AUTHORITATIVE_PROCESS_EVENT"
    },
    {
      "boundary": "Related PJM requests do not establish which security requirements were financed or common reviewer work.",
      "date": "2026-06-03",
      "event_type": "related_request_chain_observed",
      "evidence_id": "SC-004",
      "public_fact": "PJM AH1-151 Phase II report identifies Steward Creek Solar LLC in Transition Cycle 2 and expressly links AF2-041/AF2-199/AF2-200/AG2-660/AH1-044/AH1-150 to the same point of interconnection and 1,200 MW total installed capability.",
      "source_url": "https://www.pjm.com/pjmfiles/pub/planning/project-queues/TC2/PHASE_2/AH1-151/AH1-151_imp_PHASE_2.htm",
      "state": "AUTHORITATIVE_MULTI_REQUEST_PROJECT_BINDING"
    }
  ],
  "scope_boundary": "Steward Creek is explicitly included by Great Bay, but other transaction-side sources describe a broader 3.4 GW PJM portfolio. Do not infer an exclusive single-project facility or attribute PJM readiness/security events or balances to Great Bay without event-level binding."
}