Sunraycer Acquires 325 MW Solar Portfolio in Illinois and Missouri From Apricus Energy

Sunraycer Renewables, an independent power producer backed by Crayhill Capital Management, has acquired two utility-scale solar projects totaling 325 megawatts of alternating current (MWac) from Apricus Energy, expanding its development portfolio into Illinois and Missouri.

The acquisition includes the 175 MWac Gem City project in Adams County, Illinois, and the 150 MWac Mighty Mississippi project in New Madrid County, Missouri.

Financial terms of the transaction were not disclosed.

Both projects are located within the Midcontinent Independent System Operator (MISO) electricity market and are planned to connect to Ameren’s transmission network. Gem City will interconnect with a 138-kilovolt transmission system, while Mighty Mississippi will connect to a 161-kilovolt system.

The developments have secured site control, completed environmental studies and substantially completed key permitting activities. Both are in the final phase of MISO’s grid interconnection process.

Construction is expected to begin in early 2028, with commercial operations targeted for 2029. 

Once operational, the projects are expected to generate enough electricity to supply approximately 78,500 homes. Sunraycer estimates the developments will support 560 construction jobs and generate $92 million in local tax revenue over their operating lives.

“Both projects expand our geographic reach and position us to help meet growing electricity demand across the Midwest,” said David Lillefloren, CEO of Sunraycer.

“We’re grateful to the Apricus team for their work advancing these projects and look forward to carrying them through construction and into operation.”

Apricus Energy, the seller, is a joint venture established in 2021 between NOVI Energy and Osaka Gas USA to develop renewable energy infrastructure across the United States.

Anand Gangadharan, manager of Apricus Energy, said the transaction allows the projects to advance under Sunraycer’s development and long-term ownership strategy.

Sunraycer expects to use safe-harbored equipment for both projects, potentially supporting eligibility under applicable federal clean energy tax credit rules.

Headquartered in Annapolis, Maryland, Sunraycer has an approximately 3-gigawatt portfolio of utility-scale solar and battery storage projects spanning development, construction and operation.

Algorithm Law served as legal counsel to Sunraycer, while Holland & Knight advised the sellers.