A joint venture between OYA Renewables and Oil Well Shares (OWS) will pave the way for the development of utility-scale clean energy solutions across Pennsylvania, Ohio, and West Virginia, the companies said Wednesday.
OYA, an energy transitions solutions platform, and OWS, an Appalachian-based energy company, announced they had formed Chrysalis Energy to develop and construct utility-scale solar, wind, and energy storage infrastructure projects across the PJM region from Pennsylvania to Kentucky and from Virginia to Illinois.
“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.”
The first-of-its-kind partnership will allow for the development, construction, and operation of more than 3 GW of renewable energy assets across Pennsylvania, Ohio, and West Virginia. Initial development is expected to be complete in 2030.
As part of the joint venture, the companies will develop, construct, jointly own and operate a portfolio of renewable energy assets across OWS’s land inventory. The companies said they expect the development to result in more than $3 billion of capital being deployed in the region by the end of the decade.
“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,” Sid Sinha, CFO of OWS, said. “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.”