The US energy group Dominion Energy has sold a 50% non-controlling interest in its Coastal Virginia Offshore Wind (CVOW) project to the US investment firm Stonepeak. Dominion will retain its full operational control of the construction and operations of the project, and Stonepeak will have customary minority rights. As part of the deal, Dominion received a US$2.6bn payment as reimbursement of approximately 50% of the capital investment made in the project so far, and Stonepeak will participate evenly in future project costs.
The 2.6 GW CVOW plans to generate enough renewable energy to power up to 660,000 homes once it becomes operational in late 2026. The CVOW will consist of 176 Siemens Gamesa wind turbines (14.7 MW each) and three offshore substations off the coast of Virginia Beach. Offshore construction will begin in 2024 and should be completed in 2026.
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