October 24, 2024 — Dominion Energy Receives $2.6B as Stonepeak Acquires Half of Offshore Wind Farm
Dominion Energy completed the previously announced deal to sell a 50 percent interest in its Coastal Virginia Offshore Wind project to Stonepeak, a leading alternative investment firm specializing in infrastructure and real estate. The transaction continues the trend of investment firms entering the offshore wind sector while for Dominion Energy it reduces risk and is part of a broader effort to lower corporate debt. The company has said it does not signal a change in its support of offshore wind energy power generation.
“We are pleased to partner with Stonepeak on CVOW,” said Robert Blue, Chair and CEO of Dominion Energy. “Stonepeak is one of the world’s largest infrastructure investors in large energy projects such as offshore wind, and its financial participation in CVOW will benefit both the project and the people who will rely on electricity from CVOW to keep the lights on and fuel economic growth in the Commonwealth.”