Dominion Energy has closed a deal to sell a 50% non-controlling interest in the 2,640MW Coastal Virginia Offshore Wind (CVOW) project to US infrastructure investment firm Stonepeak.
The transaction had been announced in February.
Utility Dominion will retain full operational control of the construction and operations of the project. Stonepeak will have customary minority rights.
Dominion received proceeds of $2.6 billion for the transaction, representing reimbursement of around 50% of capital investment on the project to date. Stonepeak will fund 50% of remaining project costs.
Stonepeak is an investor with more than $61 billion in assets under management. It has previously invested in Taiwanese offshore wind developer Swancor Renewables.
Bob Blue, Dominion chair, president and chief executive officer, said that the CVOW project "continues to proceed on-time and on-budget, consistent with our previously communicated timing and cost expectations".
CVOW, the largest offshore wind farm currently under construction in the US, is due to be fully constructed by late 2026. It will consist of 176 of Siemens Gamesa's SG 14-222 DD turbines and three offshore substations in a nearly 457km2 area off the coast of Virginia Beach.
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