Stonepeak acquires 50% interest in Dominion wind project
Published by Theodore Reed-Martin,
Editorial Assistant
Energy Global,
Stonepeak, a leading alternative investment firm specialising in infrastructure and real assets, today announced that it has reached an agreement with Dominion Energy to acquire a 50% interest in its Coastal Virginia Offshore Wind project (CVOW) through the formation of an offshore wind partnership. The Project is expected to be the largest offshore wind farm in the US and one of the largest offshore wind farms globally upon completion.
CVOW is 2.6 GW offshore wind project 27 miles off the coast of Virginia Beach, Virginia capable of serving the power needs of 660 000 homes. Dominion Energy began developing CVOW in 2013 and is scheduled to begin offshore construction this spring. Construction is expected to be completed by year-end 2026. When fully constructed, each year CVOW will avoid carbon emissions equivalent to removing 1 million cars from the road, and will play an important role in supporting energy security and reliability, and lowering fuel costs by diversifying Dominion Energy customers’ energy supply.
“Having previously partnered with Dominion Energy, we look forward to extending our relationship through CVOW, which is a fitting addition to our global renewables strategy given its potential to provide meaningful renewable capacity to the US, advanced stage of development, and downside-protected fundamentals,” said Rob Kupchak, Senior Managing Director at Stonepeak. “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.”
Dominion Energy will continue to oversee CVOW’s day-to-day operations and construction at close, supported by Stonepeak’s expertise in investing in and delivering large and complex renewables and energy infrastructure projects including offshore wind. The transaction is subject to customary and regulatory approvals and is expected to be completed by the end of 2024.
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Energy Global's Winter 2023 issue
The Winter 2023 issue of Energy Global hosts an array of technical articles weather analysis, geothermal solutions, energy storage technology, and more. This issue also features a regional report looking at the future of renewables in North America, and a report from Théodore Reed-Martin, Editorial Assistant, Energy Global, on how Iceland utilises its unique geology for renewable energy.
Read the article online at: https://www.energyglobal.com/wind/23022024/stonepeak-have-acquired-50-interest-in-dominion-wind-project/
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