Sunraycer Renewables, an independent power producer owned by Crayhill Capital Management, has acquired two utility scale solar projects totalling 325 megawatts from Apricus Energy, a joint venture between NOVI Energy and Osaka Gas USA.
The projects are the 175 megawatt Gem City project in Adams County, Illinois, and the 150 megawatt Mighty Mississippi project in New Madrid County, Missouri. Gem City is planned to connect to Ameren’s 138 kilovolt transmission system and Mighty Mississippi to Ameren’s 161 kilovolt system. Both are in the final phase of the Midcontinent Independent System Operator interconnection process, with site control secured, environmental studies completed and key permitting substantially done.
Construction is expected to begin in early 2028, with commercial operations targeted for 2029, using safe harboured equipment. Sunraycer said the projects should power about 78,500 homes, support about 560 construction jobs and generate 92 million dollars in local tax revenue over their operating lives. Algorithm Law advised Sunraycer and Holland and Knight advised the sellers.
No purchase price was disclosed. The transaction is a standard developer to owner handoff in the US solar market: Apricus carried the projects through interconnection and permitting, the point at which development risk falls and long term owners with cheaper capital typically take over.