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Dominion to buy 800MW Avangrid offshore lease

RICHARD HEAP

July 9, 2024

Dominion Energy subsidiary Virginia Electric & Power has agreed to buy the lease for the 800MW US offshore wind zone Kitty Hawk from Avangrid for $160m.

The company has announced it is buying the 40,000-acre Kitty Hawk North Wind offshore wind lease and is set to rename is as CVOW-South. This area is around 25 miles south of Dominion’s 2.6GW Coastal Virginia project, which is currently under construction.

Robert Blue, chair, president and chief executive at Dominion Energy, said: “With electric demand in our Virginia territory projected to double in the next 13 years, Dominion Energy is securing access to power generation resources that ensure we continue to provide the reliable, affordable, and increasingly clean energy that powers our customers every day. This transaction gives our company another potential option to meet that growing demand in a size and on a timeframe that is consistent with the regulated business mix, credit, and risk profile objectives of the recently concluded business review.”

The deal is due to close in late 2024.

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