OYA Renewables entered into a joint venture with Oil Well Shares (OWS), called Chrysalis Energy, that will develop and construct community and utility-scale solar, wind and energy storage infrastructure projects across the PJM region.
OWS is an Appalachian-based energy company that owns and operates thousands of oil wells across 1.5 million acres of mainly contiguous, rights-owned land within Pennsylvania, Ohio, and West Virginia. This partnership allows for the development, construction, and operation of over 3 GW of renewable energy assets on that land.
The initial phase of development – anticipated to be completed by 2030 – is expected to a $3 billion investment, 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,” said Manish Nayar, Chairman and Founder of OYA Renewables. Founded in 2009, OYA has developed over 1,440 MWDC and has a pipeline of 9 GW of distributed and utility-scale solar projects across North America.
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.
PJM is part of the Eastern Interconnection grid operating an electric transmission system serving all or parts of Delaware, Illinois, Indiana, Kentucky, Maryland, Michigan, New Jersey, North Carolina, Ohio, Pennsylvania, Tennessee, Virginia, West Virginia and the District of Columbia.
The region is considered highly attractive for renewable energy development primarily due to the scale of the market for clean energy which comes as a result of high community density, and a strong industrial base.
“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 US acreage,” Nayar says. “Proximity to the Great Lakes is also highly significant, allowing us to explore green hydrogen opportunities in addition to solar, storage, and wind.”
The JV will contribute significantly to the security and resiliency of the region’s energy supply while key components including, the prioritization of local economic growth, the support and advancement of local Appalachian workforces through new job creation in engineering, project construction, development, operations and management, and the commitment to work with existing companies and infrastructure in surrounding communities throughout the development and construction lifecycles, have been included to ensure regional prosperity.
“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,” said Sid Sinha, CFO of OWS.