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

‘Chrysalis Energy’ JV Paves the Way for the Development, Build and Operation of Utility-scale Clean Energy Solutions Across 1.5 Million Acres in Pennsylvania, Ohio, and West Virginia

Toronto, ON and Louisville, OH: November 9, 2022 – OYA Renewables (“OYA”), an energy transition solutions platform, and Oil Well Shares (“OWS”), a leading Appalachian-based energy company, announced today the formation of Chrysalis Energy, a joint venture (“JV”) to develop and construct community and utility-scale solar, wind and energy storage infrastructure projects across the PJM* region. The first-of-its-kind partnership allows for the development, construction, and operation of over 3 Gigawatts (GW) of renewable energy assets across 1.5 million acres of mainly contiguous, rights-owned land within Pennsylvania, Ohio, and West Virginia. The initial phase of development – which is anticipated to be completed by 2030 – is expected to be followed by ongoing energy transition infrastructure development within the region which the JV accommodates in perpetuity.  

“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. Proximity to the Great Lakes is also highly significant, allowing us to explore green hydrogen opportunities in addition to solar, storage, and wind. We’re very proud to partner with an energy innovator like OWS. Its boots-on-the-ground local presence will be invaluable as we move to assess and develop renewable energy at scale.”

Within the scope of the JV, OYA and OWS will develop, construct, jointly own and operate an extensive portfolio of renewable energy assets across OWS’s current land inventory. The energy transition infrastructural development is projected to result in over $3 billion of capital being deployed in the PJM region by the end of the decade.

The region is considered highly attractive for renewable energy development primarily due to the scale of the market for clean energy which comes as a result of high community density, and a strong industrial base. The JV will contribute significantly to the security and resiliency of the region’s energy supply while key components including, the prioritization of local economic growth, the support and advancement of local Appalachian workforces through new job creation in engineering, project construction, development, operations and management, and the commitment to work with existing companies and infrastructure in surrounding communities throughout the development and construction lifecycles, have been included to ensure regional prosperity.

“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. “This unique JV is the right solution at the right time to address Appalachia’s current and future energy needs, with the key components and heft to deliver a sustainable solution at scale.”

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

For more information, please visit – www.Chrysalis-Energy.com

For media enquiries and interviews, please contact:
Josh Stanbury | (416) 628 7441 | josh@sjspr.co

Chrysalis Energy

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