Stonepeak to Acquire 50% Interest in Dominion Energy’s Coastal Virginia Offshore Wind Project
22 February 2024 - 11:30PM
Business Wire
Project expected to be the largest offshore
wind farm in the U.S. and one of the largest offshore wind farms
globally upon completion
Stonepeak, a leading alternative investment firm specializing in
infrastructure and real assets, today announced that it has reached
an agreement with Dominion Energy (NYSE: D) to acquire a 50%
interest in its Coastal Virginia Offshore Wind project (“CVOW” or
“the Project”) through the formation of an offshore wind
partnership. The Project is expected to be the largest offshore
wind farm in the U.S. and one of the largest offshore wind farms
globally upon completion.
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CVOW is a 2.6 gigawatt 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 U.S.,
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.
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.
To learn more about Coastal Virginia Offshore Wind, please visit
https://coastalvawind.com/about-offshore-wind.aspx.
About Stonepeak
Stonepeak is a leading alternative investment firm specializing
in infrastructure and real assets with approximately $61.1 billion
of assets under management. Through its investment in defensive,
hard-asset businesses globally, Stonepeak aims to create value for
its investors and portfolio companies, with a focus on downside
protection and strong risk-adjusted returns. Stonepeak, as sponsor
of private equity and credit investment vehicles, provides capital,
operational support, and committed partnership to grow investments
in its target sectors, which include communications, energy and
energy transition, transport and logistics, and real estate.
Stonepeak is headquartered in New York with offices in Hong Kong,
Houston, London, Singapore, and Sydney. For more information,
please visit www.stonepeak.com.
About Dominion Energy
About 7 million customers in 15 states energize their homes and
businesses with electricity or natural gas from Dominion Energy
(NYSE: D), headquartered in Richmond, Va. The company is committed
to providing reliable, affordable, and increasingly clean energy
every day and to achieving Net Zero emissions by 2050. Please visit
DominionEnergy.com to learn more.
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version on businesswire.com: https://www.businesswire.com/news/home/20240221428505/en/
Stonepeak Kate Beers / Maya Brounstein
corporatecomms@stonepeak.com +1 (646) 540-5225
Dominion Energy Media: Ryan Frazier
C.Ryan.Frazier@dominionenergy.com +1 (804) 836-2083
Investor Relations: David McFarland
David.M.McFarland@dominionenergy.com +1 (804) 819-2438
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