OYA, Oil Well Shares to jointly develop 3 GW of renewables in PJM
Solar park in New York state. Source: OYA Renewables.
OYA Renewables and Appalachian energy company Oil Well Shares (OWS) have set up a joint venture to develop and build over 3 GW of community and utility-scale renewable energy projects across OWS’s current land inventory in the PJM region.
The new firm, called Chrysalis Energy, plans to deliver solar, wind and energy storage infrastructure projects across 1.5 million acres of mainly contiguous, rights-owned land in Pennsylvania, Ohio and West Virginia. Green hydrogen projects are also being considered.
“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,” commented Manish Nayar, chairman and founder of OYA Renewables.
According to the announcement, the development of these projects would lead to more than USD 3 billion (EUR 3bn) in regional capital spending by the end of the decade.