Sunraycer Renewables, a Crayhill Capital Management portfolio company and independent power producer based in Annapolis, Maryland, announced that it has acquired the Gem City and Mighty Mississippi solar projects from Apricus Energy, a joint venture between NOVI Energy and Osaka Gas USA.

Transaction Details

The two utility-scale solar projects total 325 MWac and extend Sunraycer's presence in the Midcontinent Independent System Operator (MISO) market into Illinois and Missouri.

The acquisition adds two advanced-stage projects to Sunraycer's development pipeline and expands its geographic reach within the MISO footprint, a growing footprint for an independent power producer that currently maintains a development- and construction-stage and operational pipeline of approximately 3 GW of solar and battery utility-scale power plants.

Project Profiles and Grid Connections

Gem City is a 175 MWac solar project located in Adams County, Illinois, that will interconnect to Ameren's 138 kV transmission system. Mighty Mississippi is a 150 MWac solar project in New Madrid County, Missouri, that will interconnect to Ameren's 161 kV system.

Both projects have reached significant development milestones. With site control secured, environmental studies completed, and key permitting activities substantially complete, the projects are in the final phase of MISO's interconnection process. Construction is expected to begin in early 2028, with commercial operations targeted for 2029. Sunraycer expects to use safe-harbored equipment for both developments.

Projected Community and Economic Impacts

Once operational, the projects are expected to generate enough electricity to power approximately 78,500 homes. The construction phase is expected to support an estimated 560 jobs, and the projects are projected to contribute USD 92 million in local tax revenue over their operating lives.

Sunraycer stated that it will work closely with landowners, local officials, and community stakeholders in Adams and New Madrid counties as the projects advance toward construction and operation.

Executive Commentary

David Lillefloren, CEO of Sunraycer, described the two projects as compelling additions to the company's growing portfolio of advanced, well-sited solar projects.

"Both projects expand our geographic reach and position us to help meet growing electricity demand across the Midwest," Lillefloren said. He added that Sunraycer is grateful to the Apricus team for their work advancing the projects and looks forward to carrying them through construction and into operation.

Anand Gangadharan, Manager of Apricus Energy, said the Gem City and Mighty Mississippi projects reflect Apricus Energy's commitment to developing high-quality renewable energy projects that create lasting value for communities, customers, and stakeholders.

"We are proud of the progress our team has made in advancing these projects and are pleased to transition them to Sunraycer, whose development expertise and long-term ownership strategy position them well for successful completion and operation," Gangadharan said.

About the Parties

Sunraycer is a rapidly-growing independent power producer with a pipeline of approximately 3 GW of solar and battery utility-scale power plants spanning development, construction-stage, and operational assets.

The company prioritizes best practices in transmission analytics, land analysis, and valuation, and emphasizes flexibility and optimization to adapt to evolving market conditions and technologies.

Sunraycer leverages enterprise-scale partnerships with proven industry leaders alongside an in-house team of renewable energy experts to accelerate the deployment of development-stage projects.

Apricus Energy is a joint venture formed by NOVI Energy and Osaka Gas USA in 2021 with the goal of accelerating the development and deployment of renewable energy infrastructure across the United States.

The venture combines NOVI Energy's project development and execution expertise with Osaka Gas USA's financial strength and long-term energy investment experience. Apricus develops utility-scale solar, energy storage, and other clean energy assets.

Advisors to the Transaction

Sunraycer was advised by Algorithm Law as legal counsel in connection with the acquisition. The sellers, Apricus Energy, were advised by Holland and Knight.

The transaction marks a continued expansion of Sunraycer's MISO market presence and follows other recent company announcements, including the closing of a USD 901 million project financing facility and the execution of two power purchase agreements with Google Energy for a 400 MWac Texas solar portfolio.

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