Dominion sells 50% of CVOW offshore wind to Stonepeak for ~$3B, retains control

DOMINION ENERGY, INC

Stonepeak invests ~$3B for 50% noncontrolling interest in 2.6-GW CVOW; Dominion retains full operational control.
Proceeds used to reduce parent-level debt; expected to improve 2024 consolidated FFO-to-debt ratio by ~1%.
Cost-sharing: each funds 50% of remaining construction up to $11.3B total; Stonepeak optional beyond up to $13.7B.
If final costs under $9.8B, Dominion receives $100M of $145M withholding; if over $11.3B, none retained.
CVOW on schedule for late 2026, 176 turbines, 113k-acre lease area; regulatory approvals expected by end of 2024.

This headline and bullets were generated automatically by deepseek-v4-flash:cloud@v2 from the public filing. Read the source on SEC.gov before relying on any specific claim. Not investment advice. See methodology for how this pipeline works.