The US utility Dominion Energy has agreed to sell a 50% stake in its 2.6 GW Coastal Virginia Offshore Wind (CVOW) project, located off the US State of Virginia, to the US investment firm Stonepeak for US$3bn. Under the deal, Dominion will retain operational control of construction and operations of the project.
Dominion Energy and Stonepeak will each contribute 50% of the remaining capital necessary to fund construction of CVOW, provided the total project cost is less than US$11.3bn. For project costs excluding financing costs exceeding this level, Stonpeak will decide whether or not make additional capital contributions. The transaction, which is subject to approvals from the State Corporation Commission of Virginia and the North Carolina Utilities Commission, is expected to close by the end of 2024.
In late January 2024, Dominion Energy received the last two key federal approvals needed to start construction of the CVOW project. The project will comprise 176 Siemens Gamesa wind turbines, each with a 14.7 MW capacity. Offshore construction will begin in 2024 and should be completed in 2026.
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