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    Dominion Energy to acquire offshore wind farm from Avangrid

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    Dominion Energy has reached an agreement to acquire the Kitty Hawk North Wind offshore wind lease and related developments from Avangrid for around $160 million. The transaction for the site, now named CVOW-South, includes a payment of approximately $3000 per acre for the nearly 40,000-acre lease.

     

    If regulatory approval is granted and the project is constructed, CVOW-South would have an 800MW capacity and would be connected to Dominion Energy’s transmission grid. The acquisition is being made through Dominion’s subsidiary, Virginia Electric and Power Company.

     

    Upon receiving necessary approvals from the Bureau of Ocean Energy Management and the City of Virginia Beach, Dominion Energy and Avangrid anticipate finalizing the transaction in the fourth quarter of 2024.

     

    Chair, president and chief executive officer of Dominion Energy, Robert Blue, commented “With electric demand in our Virginia territory projected to double in the next 13 years, Dominion Energy is securing access to power generation resources that ensure we continue to provide the reliable, affordable, and increasingly clean energy that powers our customers every day.”

     

    “This transaction gives our company another potential option to meet that growing demand in a size and on a timeframe that is consistent with the regulated business mix, credit, and risk profile objectives of the recently concluded business review.”

     

    “It also allows us to leverage the unique expertise we’ve gained during the very successful development and construction to date of the Coastal Virginia Offshore Wind (CVOW) commercial project, which reduces project risk to the benefit of customers and shareholders.”

     

    “The Virginia model for regulated offshore wind development is proving to be an enabler of on-time and on-budget wind generation at exceptional relative value for our customers and is the model we would intend to pursue for any future offshore wind development.”

     

    Virginia Electric and Power Company, a subsidiary of Dominion Energy, is constructing the 2.6GW Coastal Virginia Offshore Wind (CVOW) project, located about 25 miles north of the CVOW-South lease. CVOW remains on schedule and within budget, with service expected by the end of 2026.

     

    So far, 25 monopiles have been installed since the installation campaign started in May, aligning with the company’s goal of installing 70-100 monopiles during the first of two installation seasons, which run through the end of October.

     

    The company acknowledges community concerns regarding the proposed landing site in Sandbridge and is committed to working closely with the local community, the Commonwealth of Virginia, and the City of Virginia Beach as it considers this project.

     

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