Dominion Energy has agreed to sell a 50% noncontrolling interest in the Coastal Virginia Offshore Wind commercial project (CVOW) to Stonepeak, through the formation of an offshore wind partnership.
Under the terms of the agreement, Dominion Energy will retain full operational control of the construction and operations of CVOW. The transaction is expected to close by the end of 2024, subject to customary approvals. The 2.6GW CVOW is on schedule to generate enough clean, renewable 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.
