Stonepeak to acquire 50% interest in 2.6 GW Offshore wind farm in USA

Stonepeak announced that it has reached an agreement with Dominion Energy to acquire a 50% interest in its Coastal Virginia Offshore Wind project (CVOW) located off the coast of Virginia in the USA, through the formation of an offshore wind partnership.

The transaction involves Vinson & Elkins LLP as legal advisor to Stonepeak. Mizuho Securities USA, through its affiliate Greenhill & Co., and Santander US Capital Markets LLC served as co-financial advisors

The facility consists of 176, SG 14-222 Direct Drive offshore wind turbines that can produce up to 15 MW with a 222 m rotor, installed within a 112,800 ac Commercial lease area located 27 miles off the coast of Virginia Beach. It is capable of producing enough electricity for up to 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.