OYA Renewables and energy company Oil Well Shares (OWS) have formed Chrysalis Energy, a joint venture to develop and construct community and utility-scale solar, wind and energy storage infrastructure projects across the PJM region.
The partnership allows for the development, construction and operation of over 3 GW of renewable energy assets across 1.5 million acres of mainly contiguous, rights-owned land within Pennsylvania, Ohio and West Virginia.
The initial phase of development – which is anticipated to be completed by 2030 – is expected to be followed by ongoing energy transition infrastructure development within the region which the JV accommodates in perpetuity.
“It would be difficult to overstate the impact that this joint venture will have on the economic prosperity of this region and the national transition to clean energy,” says Manish Nayar, chairman and founder of OYA Renewables. “The sheer magnitude of the land position is remarkable, likely the single largest private land inventory in PJM and comprising 1/1000th of the entire continental U.S. acreage. Proximity to the Great Lakes is also highly significant, allowing us to explore green hydrogen opportunities in addition to solar, storage, and wind. We’re very proud to partner with an energy innovator like OWS. Its boots-on-the-ground local presence will be invaluable as we move to assess and develop renewable energy at scale.”
Within the scope of the JV, OYA and OWS will develop, construct, jointly own and operate an extensive portfolio of renewable energy assets across OWS’s current land inventory. The energy transition infrastructural development is projected to result in over $3 billion of capital being deployed in the PJM region by the end of the decade.
“As a third-generation energy company committed to investing in the communities where we live and work, we are excited to partner with a premiere renewables leader like OYA in providing reliable, economic and sustainable energy solutions for local businesses and communities,” adds Sid Sinha, CFO of OWS. “This unique JV is the right solution at the right time to address Appalachia’s current and future energy needs, with the key components and heft to deliver a sustainable solution at scale.”
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Author: Ariana Fine