Over the next seven years the PJM Interconnection region is set to see significant capacities of new renewable energy resources added, as a new joint venture has been formed to roll out a $3 billion development platform.
OYA Renewables announced it has created a joint venture platform with Oil Well Shares (OWS), an Appalachian oil and gas exploration company. The JV platform, called Chrysalis Energy, will develop and construct 3 GW utility-scale solar, wind, and energy storage facilities across the PJM region. The assets will be installed on 1.5 million acres of mainly contiguous, rights-owned land in Pennsylvania, Ohio and West Virginia.
The initial phase of development is expected to be completed by 2030 and Chrysalis will follow with ongoing energy transition infrastructure development in perpetuity, the company 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 U.S. acreage,” said Manish Nayar, founder and executive chairman of OYA Renewables. “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.”
Under the Chrysalis JV, OYA and OWS will develop, construct, jointly own and operate the portfolio on OWS land. The JV platform is expected to increase security and resiliency of the region’s energy supply. Chrysalis Energy said it is focused on local economic growth and the support and advancement of local Appalachian workforces through new job creation in engineering, project construction, development, operations and management.
“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.
Based in Warren, Ohio, Oil Well Shares is an exploration and production company active in the Marcellus-Utica oil and gas producing shale of Pennsylvania and Ohio for more than a century.
Formed in 2009, OYA Renewables is a New York-based developer of commercial, industrial and utility-scale solar projects in New York, Minnesota and Ontario.
The PJM market transmits electricity in Delaware, Illinois, Indiana, Kentucky, Maryland, Michigan, New Jersey, North Carolina, Ohio, Pennsylvania, Tennessee, Virginia, West Virginia and the District of Columbia.
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