Stonepeak has received a confirmation from Dominion Energy for the acquisition of the latter's 50% stake in the Coastal Virginia Offshore Wind (CVOW) project. Stonepeak will be the operator of the project, as well as hold total control of CVOW's construction and operation.
Dominion Energy will maintain day-to-day operation and construction activities at the offshore wind farm. The transaction should be completed by late 2024, after customary and regulatory approvals.
According to plan, CVOW will be a 2.6GW offshore wind power plant with 176 turbines and three offshore substation. It will be located 43km off the coast of Virginia Beach in the United States.
Once it's operational, which is scheduled for 2026, CVOW will be able to produce enough energy to power 660,000 homes.
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