Stonepeak has reached an agreement with Dominion Energy to acquire a 50 percent noncontrolling equity interest in its Coastal Virginia Offshore Wind project (CVOW) through the formation of an offshore wind partnership.
CVOW is a 2.6-gigawatt offshore wind project located 27 miles off the coast of Virginia Beach, Va. With the capacity to serve the power needs of 660,000 homes, the project is expected to be the largest offshore wind farm in the United States and will be one of the largest offshore wind farms globally upon completion. CVOW will consist of 176 turbines and three offshore substations in a nearly 113,000-acre lease area off the Virginia Beach coast.
Dominion Energy began developing CVOW in 2013 and is scheduled to begin offshore construction this spring, with works wrapping up by the end of 2026. When fully constructed, each year CVOW will avoid carbon emissions equivalent to removing 1 million cars from the road, and it will play an important role in suppor