From: Mercom India
Sunraycer Renewables, an independent power producer and a portfolio company of Crayhill Capital Management, has acquired two utility-scale solar projects totaling 325 MW from Apricus Energy, a joint venture between NOVI Energy and Osaka Gas USA.
The acquisition comprises the 175 MW Gem City solar project in Adams County, Illinois, and the 150 MW Mighty Mississippi solar project in New Madrid County, Missouri.
Algorithm Law served as legal counsel to Sunraycer for the acquisition, while Holland & Knight advised the sellers.
The transaction expands Sunraycer’s presence in the Midcontinent Independent System Operator (MISO) market into Illinois and Missouri.
“Gem City and Mighty Mississippi reflect Apricus Energy’s commitment to developing high-quality renewable energy projects that create lasting value for communities, customers, and stakeholders,” said Anand Gangadharan, Manager at Apricus Energy. “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.”
The Gem City project is planned to connect to Ameren’s 138 kV transmission system, while the Mighty Mississippi project will connect to Ameren’s 161 kV system.
Both projects are in the final phase of MISO’s interconnection process. Sunraycer said it has secured site control, completed environmental studies, and substantially completed key permitting activities.
Construction of both projects is expected to begin in early 2028, with commercial operations targeted for 2029.
Sunraycer expects to use safe-harbored equipment for both projects. Once operational, the projects are expected to generate enough electricity to power approximately 78,500 homes.
According to Sunraycer, the projects are also expected to support approximately 560 construction jobs and generate $92 million in local tax revenue over their operating lives.
In October, Masdar (Abu Dhabi Future Energy Company), a UAE-based renewable energy developer, signed an agreement to acquire and develop a solar photovoltaic project of more than 550 MW in Greece from Lightsource bp. The project is expected to become operational by the end of 2026.
According to Mercom’s 9M and Q3 2026 Solar Funding and M&A report, approximately 34.4 GW of solar projects were acquired in the first nine months of 2026, compared to 29 GW in the same period during 2025.
