Chrysalis Energy has inaugurated a major new $3 billion project that will upgrade power sources throughout Pennsylvania, Ohio and West Virginia. Could you please lay out the details of this massive undertaking?
Chrysalis Energy is a joint venture between energy transition solutions platform, OYA Renewables, and Appalachian-based energy company Oil Well Shares.
The unique partnership enables the development, construction and operation of over three gigawatts (GW) of renewable energy assets on 1.5 million acres of primarily contiguous interest-owned properties in Pennsylvania, Ohio and West Virginia. Clean energy assets to be developed under the joint venture are expected to include utility-scale solar, wind and energy storage infrastructure, as well as green hydrogen production facilities.
What is the schedule for this company?
The initial phase of the development program is expected to be completed by 2030, and subsequent development of energy transition infrastructure is expected to continue across the region.
Chrysalis Energy combines two companies, OYA Renewables and Oil Well Shares. Can you describe the dynamic between the two companies? What does each of the deal offer?
OYA Renewables is a leading solar and renewable energy manufacturer in North America, founded in 2009. His focus is on expanding renewable energy and integrating diverse clean technologies that enable economic and environmental advances for underserved communities.
Oil Well Shares is a leading Appalachian energy company that has completed and produced thousands of wells in the United States and throughout Appalachia for over 100 years. The OWS team has very good knowledge of the region and expertise in energy production. It brings to the partnership what is likely the largest private land holding in PJM, accounting for 1/1000th of the total continental US acreage.
As part of the joint venture, OYA and OWS will jointly develop, build, own and operate the portfolio of clean energy assets on OWS’ current land portfolio.
Both organizations have a strong commitment to regional prosperity and to collaborating with existing businesses and infrastructure in the surrounding communities throughout the development and construction life cycle.
In what concrete way will this project improve the quality of life of local residents?
Nationally, the joint venture accelerates US goals for the clean energy transition. At the regional level, it will aim to improve the quality of life of local residents in a number of ways: by strengthening and reducing the cost of municipal energy supply, switching to accessible, renewable sources; by creating regional wealth through the provision of local engineering, project construction, development, operations and management jobs; by prioritizing collaboration with existing businesses and infrastructure throughout the development lifecycle.
Are there other projects for Chrysalis on the horizon? If so, which ones are they?
With the newly founded Chrysalis partnership, the project is still in its infancy. The team is committed to a long-term investment in the PJM region and continues to explore opportunities to add value with renewable energy solutions in emerging solar, wind, energy storage and green hydrogen technologies.