Highlights
- Clean energy infrastructure development expected to result in over $3 billion in regional capital spending by 2030
- Developed clean energy assets expected to include utility-scale solar, wind and energy storage infrastructure as well as green hydrogen production facilities
OYA Renewables ("OYA"), an energy transition solutions platform, and Oil Well Shares ("OWS"), a leading Appalachian-based energy company, announced today (Nov 9) the formation of Chrysalis Energy, a joint venture ("JV") to develop and construct community and utility-scale solar, wind and energy storage infrastructure projects across the PJM* region. The first-of-its-kind partnership allows for the development, construction, and operation of over 3 Gigawatts (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," said 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 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."
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.
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 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.
"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," said 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."
For more information, please visit - www.chrysalis-energy.com
OYA Renewables is leading the renewable energy transition with an exceptional track record as a top ten community solar developer. 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. Focused on the expansion of renewable energy and the integration of other clean technologies, OYA is committed to delivering long-term clean energy solutions to clients supporting their renewable energy objectives and providing access to clean energy for underserved communities. OYA has a highly engaged, seasoned and diverse workforce, with offices in Toronto and Boston.
OWS is a leading Appalachian energy company that believes in the power of energy as a way to transform lives, enhance communities and sustain the planet. OWS has successfully drilled, completed and produced thousands of wells in the US and currently operates thousands of wells across Appalachia. OWS' principals have had a local presence in the Appalachian for over 100 years that has enabled the cultivation of countless invaluable local relationships with landowners, communities, and other energy companies. Coupled with over 150 years of combined world-class experience within its senior team, this creates a formidable combination that enables OWS to scale its business while adhering to stringent standards of technology innovation, operational excellence and community and environmentally friendly development.
* 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.
