Dominion, Stonepeak Partnership Demonstrates Continued Momentum for Offshore Wind in Virginia

In case you missed it, Dominion Energy announced that the company has formed a partnership with Stonepeak consisting of 50 percent noncontrolling interest in the Coastal Virginia Offshore Wind (CVOW) project, as highlighted in an article in Virginia Business.

Once approved, the partnership deal would amount to Dominion receiving $3 billion from Stonepeak, which represents half of the wind farm’s construction costs. Dominion will retain full operational control of the CVOW project under the proposed agreement.

According to Dominion’s chair, president and CEO, Bob Blue, “A competitive partnership process attracted high-quality interest, resulting in a compelling partner for CVOW. Stonepeak is one of the world’s largest infrastructure investors, with more than $61 billion in assets under management and an extensive track record of investment in large and complex energy infrastructure projects, including offshore wind. Their significant financial participation will benefit both our project and our customers.” 

This development comes as reports continue to show that the CVOW project is on time and on budget, with construction officially commencing following final federal approvals in late January. By late 2026, up to 660,000 Virginia homes will be powered by the clean energy provided by the project, and hundreds of direct and indirect jobs will come to the Hampton Roads region.

Learn more about offshore wind in Virginia HERE.