Dominion Energy is advancing plans to bring in a partner for the development of its 2.6GW Coastal Virginia Offshore Wind (CVOW) project.
“We are in the advanced stages of a process to identify a noncontrolling equity financing partner in the project,” said Dominion Chair, President, and CEO Robert Blue as part of its third quarter results.
“The process has driven considerable interest from attractive and high-quality potential counterparties. A properly structured partnership with the right counterparty is an attractive option, but only if the terms of a potential transaction make sense for our customers and shareholders.”
In addition, the US company stated that the project is on time and on budget. The development recently became the fifth utility-scale offshore wind farm in the country to receive a record of decision from the Department of the Interior, setting it up to begin onshore construction this year.
The company is currently conducting a business review, which is focused on repositioning the company to create maximum long-term value for shareholders, employees, customers, and other stakeholders.
The company said it will conclude its review upon completion of the CVOW partnership decision, which is expected by year-end 2023 or early 2024.