OYA Renewables and Appalachian Energy Innovator Oil Well Shares Sign Joint Venture for Historic Clean Energy Development

0

Joint venture “Chrysalis Energy” is leading the way in developing, building and operating utility-scale clean energy solutions across 1.5 million acres in Pennsylvania, Ohioand West Virginia

  • The development of clean energy infrastructure is expected to result in more $3 billion in regional capital expenditure by 2030
  • Development of clean energy assets expected to include utility-scale solar, wind and energy storage infrastructure as well as green hydrogen production facilities

TORONTO and Louisville, Ohio, November 9, 2022 /PRNewswire/ – OYA Renewables (“OYA”), an energy transition solutions platform, and Oil Well Shares (“OWS”), a leading Appalachian-based energy company, today announced the formation of Chrysalis Energy, a joint venture (“JV”) to develop and construct community-scale solar, wind and energy storage and utility infrastructure projects in the PJM region*. The partnership, the first of its kind, enables the development, construction and operation of more than 3 gigawatts (GW) of renewable energy assets on 1.5 million acres of primarily contiguous and rights-held land in Pennsylvania, Ohioand West Virginia. The initial phase of development – ​​expected to be completed by 2030 – is expected to be followed by continued development of energy transition infrastructure in the region that the joint venture hosts in perpetuity.

“It would be difficult to overstate the impact this joint venture will have on the economic prosperity of this region and the national transition to clean energy,” said Manish Nayar, President and Founder of OYA Renewables. “The sheer scale of the land position is remarkable, probably PJM’s largest private land inventory and comprising 1/1000e of the entire continental United States. Proximity to the Great Lakes is also very important, allowing us to explore green hydrogen opportunities in addition to solar, storage and wind. We are very proud to partner with an energy innovator like OWS. His local on-the-ground presence will be invaluable as we strive to assess and develop large-scale renewables.”

Under the joint venture, OYA and OWS will jointly develop, build, own and operate a large portfolio of renewable energy assets on OWS’ current land inventory. The development of energy transition infrastructure should lead to more $3 billion of capital deployed in the PJM region by the end of the decade.

The region is considered very attractive for the development of renewable energy, mainly due to the scale of the clean energy market which results from a high community density and a solid industrial base. The joint venture will significantly contribute to the security and resilience of the region’s energy supply, while key elements including prioritizing local economic growth, supporting and advancing the workforce community of Appalachia through the creation of new jobs in engineering, project construction, development, operations and management, and a commitment to work with existing businesses and infrastructure in surrounding communities throughout development and construction cycles, were included to ensure regional prosperity.

“As a third generation energy company committed to investing in the communities where we live and work, we are delighted to partner with a leader in renewable energy like OYA to provide reliable, economical and sustainable energy solutions to businesses and communities. local,” said Sid Sinha, chief financial officer of OWS. “This unique joint venture is the right solution at the right time to meet Appalachia’s current and future energy needs, with the key components and weight needed to deliver a large-scale, sustainable solution.”

For more information, please visit – www.chrysalis-energy.com

About OYA Renewable Energy

OYA Renewables is leading the transition to renewable energy with an outstanding track record as one of the top ten community solar developers. Founded in 2009, OYA has developed over 1,440 MWDCs and has a pipeline of 9 GW of utility-scale and distributed solar projects across North America. Focused on the expansion of renewable energy and the integration of other clean technologies, OYA is committed to providing long-term clean energy solutions to customers supporting their renewable energy goals and providing access to energy unique to underserved communities. OYA has a highly engaged, seasoned and diverse workforce, with offices in Toronto and Boston.

About OWS

OWS is a leading energy company in Appalachia that believes in the power of energy as a means to transform lives, improve communities and sustain the planet. OWS has successfully drilled, completed and produced thousands of wells in the United States and is currently operating thousands of wells in Appalachia. OWS leaders have had a local presence in Appalachia for over 100 years, cultivating countless invaluable local relationships with landowners, communities and other energy companies. Coupled with more than 150 years of combined world-class experience within its senior team, this creates a formidable combination that enables OWS to scale its business while meeting high standards of technological innovation, operational excellence and of community development and respectful of the environment.


* PJM is part of the Eastern Interconnection network operating an electrical transmission system serving all or part of Delaware, Illinois, Indiana, Kentucky, Maryland, Michigan, New Jersey, North Carolina, of Ohio, Pennsylvania, Tennessee, Virginia, West Virginia and the District of Columbia.



SOURCE OYA Renewables

Share.

About Author

Comments are closed.