August 15, 2024 — The new lease site could yield enough electricity to power up to 1.4 million homes, according to the federal government.
Dominion Energy has snagged another offshore wind lease about 35 miles from the mouth of the Chesapeake Bay, the federal Bureau of Ocean Energy Management announced after an online auction Wednesday.
Dominion’s winning bid was just over $17.6 million for the 176,000-acre site, which directly adjoins its Coastal Virginia Offshore Project already under construction off the Virginia Beach Oceanfront.
That’s more than 10 times what the company paid for its current 112,000-acre lease more than a decade ago, when the U.S. offshore wind industry was yet to fully emerge.
The new lease site could yield enough electricity to power up to 1.4 million homes, according to BOEM.
Dominion’s ongoing CVOW project will include 176 wind turbines and is expected to power about 660,000 homes. The company has installed 54 turbine foundations since construction began in May, and plans to finish by late 2026.