Stonepeak To Buy 50% Stake In Coastal Virginia Offshore Wind Project From Dominion Energy

(RTTNews) - Stonepeak, an alternative investment firm focused on infrastructure and real assets, said on Thursday that it has reached a deal with Dominion Energy, Inc. (D) to buy a 50 percent interest in its Coastal Virginia Offshore Wind or CVOW project through the formation of an offshore wind partnership.

The transaction is expected to be completed by the end of 2024.

CVOW is a 2.6 gigawatt offshore wind project 27 miles off the coast of Virginia Beach with a capacity to serve the power needs of 660,000 homes.

Dominion Energy began developing CVOW in 2013 and is scheduled to begin offshore construction this spring. The construction is expected to be completed by year-end 2026.

Post construction, each year CVOW will avoid carbon emissions equivalent to removing 1 million cars from the road.

Dominion Energy will continue to oversee CVOW's day-to-day operations and construction at close, supported by Stonepeak.