Richmond, Va.-based Dominion Energy Inc. announced that it reached an agreement to sell a 50% non-controlling interest in its Coastal Virginia Offshore Wind project (CVOW) to Stonepeak. Under the agreement, the company will receive about $3 billion, which it will use for debt reduction. Dominion also affirmed that CVOW remains on-time and on-budget. Under the terms of the agreement, Stonepeak will fund 50% of CVOW?s construction costs while Dominion will retain full operational control of construction and operations. The agreement requires regulatory approval from the Virginia State Corporation Commission and the North Carolina Utilities Commission and we expect the transaction will close by year-end 2024. CVOW is an approximately 2.6-gigawatt offshore wind generation facility that Dominion expects to place in
