A Maryland-based power producer just picked up two solar projects totaling 325 megawatts of alternating current across Adams County, Illinois, and New Madrid County, Missouri, with developers projecting enough electricity to power roughly 78,500 homes once the panels are up and running. The deal adds two advanced-stage projects to a company that says it already has nearly 3 gigawatts of solar and battery storage in its pipeline.
The Deal: Gem City and Mighty Mississippi Change Hands
Sunraycer, an independent power producer backed by Crayhill Capital Management, announced it acquired the Gem City and Mighty Mississippi solar projects from Apricus Energy, according to a company announcement. The move, first reported by citybiz, expands Sunraycer's development footprint into both Illinois and Missouri for the first time. Gem City is a 175 MWac project in Adams County, Illinois, set to interconnect with Ameren's 138-kilovolt transmission system, while Mighty Mississippi is a 150 MWac project in New Madrid County, Missouri, planned to connect to Ameren's 161-kilovolt system. Financial terms of the transaction were not disclosed.
Both projects sit within the Midcontinent Independent System Operator market and have cleared several of the toughest hurdles in utility-scale solar development. The company's announcement states that environmental studies are complete, key permitting activities are substantially finished, and both projects have secured site control while reaching the final phase of MISO's grid interconnection process.
Construction Timeline Shows Some Daylight Between Sources
Sunraycer's own announcement says construction is expected to begin in early 2028, with commercial operations targeted for 2029. That timeline differs from what the original developer has published: NOVI Energy's project page for Gem City states that construction was expected to start in 2027. The two schedules differ, leaving the project's current construction timing uncertain.
Sunraycer also says it expects to use safe-harbored equipment for both projects, which the company notes may support eligibility under applicable federal clean energy tax credit rules.
Jobs, Tax Revenue, and Executive Reaction
By Sunraycer's own estimate, the two projects will support roughly 560 construction jobs and contribute $92 million in local tax revenue over their operating lives, on top of the projected output for 78,500 homes. Sunraycer CEO David Lillefloren framed the acquisition as part of a broader regional push, saying, “Both projects expand our geographic reach and position us to help meet growing electricity demand across the Midwest.” He added that the company is “grateful to the Apricus team” and looks forward to taking the projects through construction and into operation.
Apricus Energy, the seller, is a joint venture formed by NOVI Energy and Osaka Gas USA in 2021, established 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. Algorithm Law served as legal counsel to Sunraycer, while Holland & Knight advised the sellers.
Part of a Busier Solar Moment in the Region
The Gem City and Mighty Mississippi deal lands amid a run of utility-scale solar activity across Illinois and Missouri. Just days earlier, Arevon closed a $120 million tax equity commitment with Wells Fargo for its 124 MW Big Muddy Solar Project in Jackson County, Illinois, according to Energies Media, following a $183 million debt package the company announced for the same project back in February. Big Muddy Solar is projected to deliver more than $12.6 million in property tax payments over its operating life, per the same outlet.
Across the state line, Clearway Energy Group has started construction on the 650-MW Swan Energy Center, a solar facility on portions of strip-mined land in northwestern Bates County, Missouri, expected to generate enough electricity annually for roughly 200,000 homes with commercial operations beginning in 2028, as reported by Solar Power World. New Madrid County, Missouri, home to the Mighty Mississippi project, is also seeing a separate facility take shape: the New Madrid Solar project, a 200-megawatt installation, according to the Southeast Missourian.
Sunraycer, headquartered in Annapolis, Maryland, describes itself as managing a pipeline of approximately 3 gigawatts of solar and battery utility-scale power plants spanning development, construction, and operation. With Gem City and Mighty Mississippi now in hand, the company's next test will be whether either project breaks ground on the 2027 schedule the original developer once projected, or the early 2028 start the company itself now points to.
