Dominion Energy has finalised the sale of a 50% non-controlling interest in its coastal Virginia offshore wind (CVOW) commercial project to alternative investment firm Stonepeak.
The transaction was initially announced in February 2024.
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The completion of the transaction has resulted in Dominion Energy receiving proceeds of $2.6bn – roughly half of the capital investment made in the project to date.
Stonepeak has agreed to finance half of the remaining project costs as they arise, adhering to previously disclosed conditions.
Dominion Energy will maintain full operational control over both the construction and operation phases of the CVOW project, while Stonepeak obtains customary minority rights.
The divestment marks the conclusion of Dominion Energy’s debt reduction initiatives. The company has announced deals collectively reducing its debt by $21bn.
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By GlobalDataThese transactions are the sales of Cove Point LNG, East Ohio Gas, Questar Gas, Wexpro and the Public Service Company of North Carolina.
The 2.6GW CVOW, the largest offshore wind farm being built in the US, is on track to produce sufficient clean, renewable energy to power 660,000 homes when fully completed in late 2026.
CVOW will feature 176 turbines and three offshore substations across a lease area of 113,000 acres offshore Virginia Beach.
Dominion Energy chair, president and CEO Robert Blue stated: “We are pleased to partner with Stonepeak on CVOW, which continues to proceed on time and on budget, consistent with our previously communicated timing and cost expectations.
“Stonepeak is one of the world’s largest infrastructure investors in large energy projects such as offshore wind, and its financial participation in CVOW will benefit both the project and the people who will rely on electricity from CVOW to keep the lights on and fuel economic growth in the Commonwealth.”
Headquartered in Richmond, Virginia, Dominion Energy offers regulated electricity service to 3.6 million homes and businesses in Virginia, North Carolina and South Carolina.
