OYA Renewables, an energy transition options platform, and energy firm Oil Well Shares (OWS) have fashioned Chrysalis Energy, a three way partnership (JV) to develop and assemble neighborhood and utility-scale solar, wind and energy storage infrastructure tasks throughout the PJM area. The partnership permits for the event, building and operation of over 3 GW of renewable energy property throughout 1.5 million acres of primarily contiguous, rights-owned land inside Pennsylvania, Ohio and West Virginia.
The preliminary part of growth – which is anticipated to be accomplished by 2030 – is predicted to be adopted by ongoing energy transition infrastructure growth inside the area 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 founding father 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, assemble, collectively personal and function an in depth portfolio of renewable energy property throughout OWS’s present land stock. The energy transition infrastructural growth is projected to lead to over $3 billion of capital being deployed within the PJM area by the top of the last 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,” provides 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.”