OYA Renewables, Oil Well Shares Form JV to Develop 3 GW Renewables

North American energy transition solutions platform, OYA Renewables and Appalachian-based energy major Oil Well Shares have announced the formation of Chrysalis Energy, a joint venture by the two for the development and construction of community and utility-scale solar, wind and energy storage infrastructure projects across the PJM region. 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 official statement by OYA Renewables held that this partnership allows for the development, construction, and operation of more than 3 GW of renewable energy assets across 1.5 million acres land within Pennsylvania, Ohio, and West Virginia. The initial phase of development will be completed by 2030.

Manish Nayar, Chairman, OYA Renewables, said, “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.”

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Within the scope of the Chrysalis Energy, 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.

OYA Renewables said that 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.

Sid Sinha, CFO, OWS, stated, “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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OYA Renewables has developed over 1,440 MWdc and has a pipeline of 9 GW of distributed and utility-scale solar projects across North America. The United States wants to decarbonise its electric grid 100 per cent by 2035 and the focus is primarily on solar and offshore wind.