Stonepeak, a number one different funding agency specialising in infrastructure and actual property, as we speak introduced that it has reached an settlement with Dominion Vitality to accumulate a 50% curiosity in its Coastal Virginia Offshore Wind challenge (CVOW) by the formation of an offshore wind partnership. The Mission is predicted to be the biggest offshore wind farm within the US and one of many largest offshore wind farms globally upon completion.
CVOW is 2.6 GW offshore wind challenge 27 miles off the coast of Virginia Seashore, Virginia able to serving the ability wants of 660 000 properties. Dominion Vitality started creating CVOW in 2013 and is scheduled to start offshore building this spring. Building is predicted to be accomplished by year-end 2026. When totally constructed, every year CVOW will keep away from carbon emissions equal to eradicating 1 million automobiles from the highway, and can play an essential position in supporting power safety and reliability, and decreasing gasoline prices by diversifying Dominion Vitality prospects’ power provide.
“Having beforehand partnered with Dominion Vitality, we sit up for extending our relationship by CVOW, which is a becoming addition to our world renewables technique given its potential to offer significant renewable capability to the US, superior stage of growth, and downside-protected fundamentals,” stated Rob Kupchak, Senior Managing Director at Stonepeak. “Dominion Vitality’s spectacular observe report constructing and working large-scale infrastructure initiatives paired with Stonepeak’s expertise efficiently establishing offshore wind property provides us confidence in CVOW’s path ahead, and we’re excited to companion with Dominion in delivering this important renewable power technology useful resource to its prospects.”
Dominion Vitality will proceed to supervise CVOW’s day-to-day operations and building at shut, supported by Stonepeak’s experience in investing in and delivering massive and complicated renewables and power infrastructure initiatives together with offshore wind. The transaction is topic to customary and regulatory approvals and is predicted to be accomplished by the tip of 2024.
For extra information and technical articles from the worldwide renewable business, learn the most recent situation of Vitality World journal.
Vitality World’s Winter 2023 situation
The Winter 2023 situation of Vitality World hosts an array of technical articles climate evaluation, geothermal options, power storage expertise, and extra. This situation additionally contains a regional report the way forward for renewables in North America, and a report from Théodore Reed-Martin, Editorial Assistant, Vitality World, on how Iceland utilises its distinctive geology for renewable power.
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