Energy transition solutions platform OYA Renewables and Appalachian-based energy company Oil Well Shares (OWS) have formed a joint venture, Chrysalis Energy, to develop utility-scale solar, wind and energy storage infrastructure projects in the territory served by PJM, a regional transmission organisation that operates in 13 states and the District of Columbia across the eastern US. Chrysalis will deploy more than $3bn of capital across the region by the end of the decade.
The deal will initially see around 3GW of renewable energy assets developed by 2030 across 1.5 million acres within Pennsylvania, Ohio and West Virginia. The joint venture will then broaden its clean energy development to the other states in the PJM region – Delaware, the District of Columbia, Illinois, Indiana, Kentucky, Maryland, Michigan, New Jersey, North Carolina, Tennessee and Virginia. The region is considered highly attractive for renewable energy development primarily due its high community density and strong industrial base.
“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,” Manish Nayar, chairman and founder of OYA Renewables, said in a statement.
“The sheer magnitude of the land position is remarkable, likely the single largest private land inventory in PJM and comprising a thousandth of the entire continental US 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.”
OWS has drilled, completed and produced thousands of oil wells in the US. OYA has a pipeline of 9GW of distributed and utility-scale solar projects across North America.