Dominion Energy has sold to Stonepeak a 50% stake in its Coastal Virginia Offshore Wind (CVOW) project in the United States. To be built 35km of the coast of Virginia Beach, the facility is designed to have a generation capacity of 2.6GW.
The transaction was valued at US$2.6bn, a reimbursement of approximately 50% of project-do-date capital investment. According to Dominion Energy, Stonepeak will be responsible for the funding of 50% of remaining project costs.
The developer has also stated that CVOW is still on time and budget to start operations in 2026. The offshore wind farm will feature 176 SG 14-222 Direct Drive turbine models from Siemens Gamesa.
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