Dominion Energy is buying the Kitty Hawk North offshore wind lease off Corolla, North Carolina, from Iberdrola-owned Avangrid.
The purchase price for the 162km2 lease is around $160 million – $117 million for the lease acquisition and $43 million as an associated development cost reimbursement to Avangrid. The deal is expected to close in the fourth quarter of 2024..
According to Dominion, the site – which will be renamed CVOW-South – could support 800MW of offshore wind generation capacity in the 2030s.
Dominion is currently constructing the 2.64GW CVOW project, or Coastal Virginia Offshore Wind, 40km to the north off Virginia Beach, Virginia. It owns the CVOW project 50:50 with investment firm Stonepeak Infrastructure Partners.
“The Virginia model for regulated offshore wind development is proving to be an enabler of on-time and on-budget wind generation at exceptional relative value for our customers and is the model we would intend to pursue for any future offshore wind development," said Robert Blue, chair, president and CEO of Dominion.
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