Oya Renewables, North American energy transition solutions platform and Oil Well Shares (OWS) have announced the formation of Chrysalis Energy, a joint venture by the two companies for the development and construction of utility-scale wind, solar, and energy storage infrastructure projects across the PJM region.
PJM is part of the Eastern Interconnection Grid, which operates an electric transmission system serving parts of Delaware, Indiana, Kentucky, Maryland, Michigan, North Carolina, Carolina, Ohio, Tennessee, Virginia, and Columbia.
According to OYA Renewables, this joint venture allows the development, operation, and construction of more than 1.5 million acres of land within Ohio, West Virginia, and Pennsylvania. The primary phase of the development will be completed by 2030.
The magnitude of the land project is amazing, likely the single biggest inventory in the PJM region and comprising the whole continental acreage of the United States, said Manish Nayar, chairman of OYA Renewables. Manish Nayar added that the proximity to the Great Lakes has been highly significant, which allows them to explore green hydrogen opportunities in addition to storage, wind, and solar energy.
According to OYA Renewables, the joint venture will contribute to the security and resiliency of the energy supply of the region, with the main components including, the prioritization of local economic growth, and the support and advancement of the local workforces of Appalachian.
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