Stonepeak has reached an agreement with Dominion Energy to acquire a 50% interest in the latter’s Coastal Virginia Offshore Wind (CVOW) project through the formation of a partnership.
CVOW is a 2.6 GW project located 27 miles off the coast of Virginia Beach, Va., which Dominion Energy began developing in 2013 and is scheduled to begin offshore construction this spring.
Construction is expected to be completed by the end of 2026.
“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 U.S., advanced stage of development and downside-protected fundamentals,” says 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.
Vinson & Elkins LLP served as legal advisor to Stonepeak. Mizuho Securities USA, through its affiliate Greenhill & Co., and Santander US Capital Markets LLC served as co-financial advisors.
