Stonepeak secures 50% stake in Dominion's 2.6GW offshore wind project.

Stonepeak, an investment firm, will acquire a 50% stake in Dominion Energy's Coastal Virginia Offshore Wind project. Dominion Energy will receive $3 billion, representing 50% of the project's construction costs, and both companies will contribute equally to the remaining capital needed for construction. If the project costs exceed $11.3 billion, Stonepeak will have the option to make additional contributions, with Dominion Energy contributing the majority of the capital. The project, which began development in 2013, is expected to be one of the largest offshore wind farms in the US and is set to start construction in 2024. [Extracted from the article]

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