US solar developer OYA Renewables and energy company Oil Well Shares have embarked upon a joint venture (JV) to develop and construct community and utility-scale solar and storage projects across the PJM region.
Named Chrysalis Energy, the JV aims to develop 3GW of renewables capacity across 1.5 million acres of land in Pennsylvania, Ohio and West Virginia. OYA Renewables said that the JV was the “first of its kind” in the US, with the initial phase of development expected to be completed by 2030.
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“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.”
Included in the scope of the JV is the joint ownership and operation of a portfolio of renewable assets across OWS’s current land inventory. The company said that the energy transition infrastructure development process across this inventory is expected to bring over US$3 billion in capital to the PJM region by 2030.
“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.
The PJM and Appalachian region has seen a lot of solar development due to its scale and the energy demand that accompanies dense population. A 750MW project is currently being developed in Ohio by EDF Renewables, set to be one of the largest in the country, and First Solar has committed to a US$270 million research and development facility in the state.