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Dominion sells 50% of 2.6GW project to Stonepeak

RICHARD HEAP

February 22, 2024

Dominion Energy has agreed to sell a 50% stake in its 2.6GW Coastal Virginia offshore wind project to investment group Stonepeak for $3bn.

US utility Dominion started developing the project off the coast of Virginia in 2013 and is due to start construction this spring, with commissioning due in 2026. The deal is due to conclude this year.

Rob Kupchak, senior managing director at Stonepeak, called Coastal Virginia “a fitting addition to our global renewables strategy given its potential to provide meaningful renewable capacity to the U.S., advanced stage of development, and downside-protected fundamentals”.

He added: “Dominion Energy’s impressive track record building and operating large-scale infrastructure projects paired with Stonepeak’s experience successfully constructing offshore wind assets gives us confidence in CVOW’s path forward, and we are excited to partner with Dominion in delivering this critical renewable energy generation resource to its customers.”

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