Dominion Energy has announced that it has closed a transaction to sell a 50% noncontrolling interest in the Coastal Virginia Offshore Wind (CVOW) commercial project to Stonepeak.
Dominion Energy will retain full operational control of the construction and operations of the project, while Stonepeak will have customary minority rights. The transaction was previously announced on 22 February 2024. At closing, Dominion Energy received proceeds of $2.6 billion, representing reimbursement of approximately 50% of project-to-date capital investment. Stonepeak will fund 50% of remaining project costs as they are incurred.
The 2.6 GW CVOW is on schedule to generate enough energy to power up to 660,000 homes once fully constructed in late 2026. CVOW will consist of 176 turbines and three offshore substations in a nearly 113,000-acre lease area off the coast of Virginia Beach.
