Stonepeak has reached an settlement with Dominion Power to amass a 50% curiosity within the latter’s Coastal Virginia Offshore Wind (CVOW) mission via the formation of a partnership.
CVOW is a 2.6 GW mission positioned 27 miles off the coast of Virginia Seaside, Va., which Dominion Power started creating in 2013 and is scheduled to start offshore building this spring.
Building is predicted to be accomplished by the tip of 2026.
“Having beforehand partnered with Dominion Power, we stay up for extending our relationship via CVOW, which is a becoming addition to our world renewables technique given its potential to supply significant renewable capability to the U.S., superior stage of improvement and downside-protected fundamentals,” says Rob Kupchak, senior managing director at Stonepeak.
“Dominion Power’s spectacular monitor document constructing and working large-scale infrastructure initiatives paired with Stonepeak’s expertise efficiently setting up offshore wind property provides us confidence in CVOW’s path ahead and we’re excited to associate with Dominion in delivering this vital renewable vitality technology useful resource to its clients.”
Dominion Power will proceed to supervise CVOW’s day-to-day operations and building at shut.
Vinson & Elkins LLP served as authorized advisor to Stonepeak. Mizuho Securities USA, via its affiliate Greenhill & Co., and Santander US Capital Markets LLC served as co-financial advisors.
