Dominion Energy has finalised the sale of a 50 per cent noncontrolling interest in the Coastal Virginia Offshore Wind (CVOW) project to Stonepeak. The 2.6 GW CVOW offshore wind farm currently being built in US, is expected to power up to 660,000 homes by late 2026 with 176 turbines across 113,000 acres off the Virginia Beach coast.
This transaction marks the completion of Dominion Energy’s debt reduction efforts, totalling approximately $21 billion, as part of a broader business review. Proceeds of $2.6 billion were received at closing, representing reimbursement of 50 per cent of project-to-date investments, with Stonepeak funding half of the remaining costs. These measures have strengthened Dominion’s financial position and reinforced its focus as a regulated electric utility business.
Earlier this year, Dominion Energy successfully launched Charybdis, the first Jones Act-compliant offshore wind turbine installation vessel in US, marking a major milestone as the vessel transitioned from land to water. This achievement follows the completion of the ship’s hull welding and the commissioning of its four legs and jacking system.
