Dominion Energy, Inc. (NYSE: D), today announced that it has closed on a transaction to sell a 50% noncontrolling interest in the Coastal Virginia Offshore Wind (CVOW) commercial project to Stonepeak. Dominion Energy will retain full operational control of the construction and operations of the project, and Stonepeak will have customary minority rights. The transaction was previously announced Feb. 22, 2024.

With this transaction, Dominion Energy has now successfully completed its business review debt reduction initiatives. During the review, the company announced transactions that represent approximately $21 billion of debt reduction. With the closings of the Cove Point LNG, East Ohio Gas, Questar Gas and Wexpro, and Public Service Company of North Carolina sales; and completion of the fuel securitization at Dominion Energy Virginia and the offshore wind partnership, Dominion Energy has now achieved 100% of the business review target. These actions have improved the company’s balance sheet, reduced its risk profile, and established a renewed focus as a pure-play, state-regulated electric utility business.

Robert M. Blue, Dominion Energy chair, president and chief executive officer, said:

“We are pleased to partner with Stonepeak on CVOW, which continues to proceed on-time and on-budget, consistent with our previously communicated timing and cost expectations. Stonepeak is one of the world’s largest infrastructure investors in large energy projects such as offshore wind, and its financial participation in CVOW will benefit both the project and the people who will rely on electricity from CVOW to keep the lights on and fuel economic growth in the Commonwealth.

” Rob Kupchak, senior managing director at Stonepeak, added:

“We are excited to have closed this investment in CVOW, which exemplifies many of the core tenets of essential infrastructure that we invest behind at Stonepeak. We look forward to continuing our partnership with Dominion Energy’s talented team to bring what promises to be one of the most impactful energy projects in the United States to commercial operation.

” The 2.6-gigawatt CVOW, the largest offshore wind farm currently under construction in the United States, is on schedule to generate enough clean, renewable energy to power up to 660,000 homes once fully constructed in late 2026. CVOW will consist of 176 turbines and three offshore substations in a nearly 113,000-acre lease area off the coast of Virginia Beach.

At closing, Dominion Energy received proceeds of $2.6 billion, representing reimbursement of approximately 50% of project-to-date capital investment. Stonepeak will fund 50% of remaining project costs as they are incurred, subject to certain conditions as previously disclosed

Today, the Bureau of Ocean Energy Management (BOEM) announced the execution of the nation’s first floating offshore wind energy research lease. The lease area covers a little under 15,000 acres located 28 nautical miles offshore Maine on the U.S. Outer Continental Shelf and could allow for the deployment of up to 12 floating offshore wind turbines capable of generating up to 144 megawatts of renewable energy.

The research array will allow the State, the fishing community, wildlife experts, the offshore wind industry, and others to conduct in-depth studies and thoroughly evaluate floating offshore wind as a renewable energy source in the region. Research conducted on the array will evaluate its compatibility with existing ocean uses and assess its potential effects on the environment, supply chains, and job creation.

“Floating wind opens up opportunities to produce renewable energy in deeper water farther offshore.” said BOEM Director Elizabeth Klein. “Signing the Gulf of Maine research lease demonstrates the commitment by both BOEM and the State of Maine to promote a clean energy future for the nation. It is another example of a successful all-of-government effort to reach the Administration’s offshore wind energy goals and to combat the impacts of climate change.”

Information gathered from the research lease will inform responsible commercial floating offshore wind development in the future and allow BOEM and Maine to capitalize on innovative technology, while protecting local and national interests and industries.

“Clean energy from offshore wind offers an historic opportunity for Maine to create good-paying jobs, reduce our reliance on fossil fuels, and fight climate change by cutting greenhouse gas emissions,” said Maine Governor Janet Mills. “This lease between the State and BOEM to support the nation’s first research array devoted to floating offshore wind technology is the result of extensive engagement with stakeholders and communities across our state to establish Maine as a leader in responsible offshore wind, in balance with our state’s marine economy and environment.”

Since the start of the Biden-Harris administration, the Department of the Interior has approved the nation’s first nine commercial scale offshore wind projects with a combined capacity of more than 13 gigawatts of clean energy — enough to power nearly 5 million homes. In that time, the Department has held five offshore wind lease auctions – including a record-breaking sale offshore New York and the first-ever sales offshore the Pacific Coast and in the Gulf of Mexico. The Department also recently announced a schedule to hold up to 12 additional lease sales through 2028. On August 14, BOEM will hold an offshore wind lease sale for the Central Atlantic, auctioning areas offshore Delaware, Maryland, and Virginia that could generate up to 6.3 gigawatts of clean energy and power up to 2.2 million homes.

BOEM received an application from the State of Maine for a renewable energy research lease in October 2021. On March 20, 2023, BOEM issued a Determination of No Competitive Interest for the area identified in Maine’s application.

BOEM engaged with the State of Maine Governor’s Energy Office throughout the application review and lease development process to develop a lease that yields high-quality research on offshore wind in the Gulf of Maine. On May 24, 2024, BOEM offered a research lease to the State of Maine after completing a Final Environmental Assessment and associated finding of no significant impacts.

As a research lease, the State of Maine or its designated operator will propose and conduct research regarding environmental and engineering aspects of the proposed project. This information will be made public and used to inform future planning, permitting, and construction of commercial-scale floating offshore wind projects in the region.            

Construction activity on the research array is not likely to occur for several years. The lessee is first required to submit a Research Activities Plan to BOEM, which will undergo environmental analysis under the National Environmental Policy Act. Additional details on the timing of construction will become clearer as the permitting process progresses.     

During the FOWT event in Marseille, BW Ideol, one of the global leaders in the sector, unveiled its brand-new market approach combining standardization and mass production to a selected panel of utilities and partners.

With over 22 GW already awarded in Scotland, around 8 GW in the USA, and several GW currently being awarded or in the tendering phase elsewhere in the world, floating wind is now entering an industrialization phase.

With the aim of accompanying and driving this evolution, BW Ideol now offers a standardized floating foundation product – based on the Damping Pool® solution in operation since 2018 in France and Japan.

This universal floating foundation is optimized for all meteocean conditions prevailing on the main floating wind markets (with 3 product classes adapted to different environmental conditions) and compatible with all 15 MW+ wind turbines currently available. This product retains the competitive advantages of the Damping Pool® patent, particularly its compactness, with dimensions limited to 54 meters, and its shallow draft, below 12 meters in operation. It can be easily scalable to the next 20 MW+ wind turbines when available. This standard product, pre-certified in advance, unlocks mass-production by allowing multiple projects to be supplied from the same manufacturing line.

BW Ideol has also unveiled its manufacturing line blueprint, easily scalable and replicable on multiple port infrastructures, for the mass production of concrete floating foundations. This blueprint, optimizing each manufacturing steps, has a demonstrated capacity to produce up to one floating foundation per week, with minimal harbour requirements, guaranteeing local manufacturing and delivery time. It encompasses the structuration of the supply chain to ensure a lean manufacturing, its digitalization, quality control and a reduced carbon footprint.

Associated with the standard product, this manufacturing blueprint unleashes the volume effect to drive costs down across projects and provides developers with an early guarantee on price and delivery schedule. BW Ideol is the first floating foundation supplier to propose such an approach.

“The floating wind market is at a crossroads today: tens of gigawatts will need to be built in the coming years, requiring a change in paradigm from the floating foundation suppliers. We believe that adopting an approach similar to that of wind turbine manufacturers is necessary: offering a single and standard product, suitable for all geographies and turbines available on the market, produced in series based on manufacturing line serving multiple projects, so that developers can truly commit and know where they are heading” declared Paul de la Guérivière, Founder and CEO of BW Ideol.