Key Partnership for the Largest US Offshore Wind Farm
Stonepeak, the alternative investment firm, is set to invest $3 billion in acquiring a 50% stake in Dominion Energy’s ambitious Virginia offshore wind farm project. This significant investment positions Stonepeak as a key partner in the Coastal Virginia Offshore Wind (CVOW) project, touted to be the largest offshore wind farm in the United States.
Dominion Energy’s Offshore Wind Vision
Dominion Energy initiated the development of the CVOW project in 2013, strategically located 27 miles off the coast of Virginia Beach. The project, with a capacity of 2.6 gigawatts (GW), is estimated to cost $9.8 billion. Dominion Energy plans to commence offshore construction in spring 2024, with the project slated for completion by the end of 2026.
Stonepeak’s Strategic Perspective
Stonepeak’s Senior Managing Director, Rob Kupchak, expressed confidence in the CVOW project, emphasizing its alignment with Stonepeak’s global renewables strategy. Stonepeak’s $3 billion investment, securing a 50% stake, underscores its commitment to advancing offshore wind assets and contributing significantly to the renewable capacity in the US.
Positive Outlook and Collaborative Growth
Robert M Blue, Dominion Energy’s Chair, President, and CEO, highlighted the multi-faceted benefits of the transaction, including a strengthened financial position, robust cost-sharing mechanisms, and a positive impact on the company’s credit profile. The collaboration between Dominion Energy and Stonepeak sets the stage for delivering a substantial renewable energy resource and supporting Virginia’s economic and environmental objectives.
Source：https://realassets.ipe.com
