Dominion Energy on Thursday announced that it has agreed to sell a 50% noncontrolling interest in the largest U.S. offshore wind farm.
Stonepeak, an investment firm that specializes in infrastructure, will invest in a newly formed subsidiary of Dominion and help fund construction of the windfarm 27 miles off Virginia Beach.
Richmond-based Dominion says that once it is fully constructed in 2026, the wind farm of 176 turbines is expected to power up to 660,000 homes.
Two of Dominion Energy’s pilot wind turbines are shown 27 miles east of Virginia Beach.
Dominion said that when the deal closes by the end of this year, it expects to receive about $3 billion, representing 50% of the construction costs.
Bob Blue, Dominion’s chair, president and CEO, said in a statement that with the transaction, Dominion adds “an attractive, well-capitalized, and high-quality partner;” it establishes “robust cost-sharing that provides meaningful protection from any …