Dominion Energy (D) has released an update.
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Virginia Electric and Power Company, a Dominion Energy subsidiary, has partnered with Stonepeak’s investment vehicle, Dunedin Member LLC, in a deal involving the Coastal Virginia Offshore Wind project. Stonepeak, a significant infrastructure investor, is purchasing a 50% stake in the wind project for about $3 billion, contributing to the construction costs. Set to be the largest offshore wind farm in the U.S., the project is expected to power 660,000 homes and remains on schedule and budget. The transaction, anticipated to close by the end of 2024, will aid Dominion Energy in reducing debt and improving financial ratios. However, the deal is subject to customary closing conditions and regulatory approvals.
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