Dominion Energy sells 50% stake in Coastal Virginia Offshore Wind to Stonepeak for ~$3B

DOMINION ENERGY, INC

Stonepeak affiliate to contribute ~$3B net of $145M withholding for 50% non-controlling interest in CVOW project.
Dominion retains full operational control of construction and operations; Stonepeak gets customary minority rights.
Total construction costs capped at $11.3B for mandatory contributions; optional up to $13.7B with Dominion's share increasing if Stonepeak opts out.
Transaction expected to close by end of 2024, subject to Virginia SCC, NC UC, BOEM approvals.
Termination fee of $200M payable by Stonepeak under certain conditions; Stonepeak provided limited guaranty and equity/debt commitment letters.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

DOMINION ENERGY, INC entered into Equity Capital Contribution Agreement with Dunedin Member LLC, an affiliated investment vehicle of Stonepeak Partners LLC valued at approximately $3 billion (effective 2024-02-21).

Action: entry
Agreement: equity purchase
Counterparty: Dunedin Member LLC, an affiliated investment vehicle of Stonepeak Partners LLC
Value: approximately $3 billion
Effective: 2024-02-21

Exact text from the filing

Virginia Electric and Power Company (Virginia Power), a wholly-owned subsidiary of Dominion Energy, Inc. (Dominion Energy), and Dunedin Member LLC, a Delaware limited liability company (Investor), an affiliated investment vehicle of Stonepeak Partners LLC (Stonepeak) entered into an Equity Capital Contribution Agreement (the Contribution Agreement)

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Source: SEC EDGAR

accession 0001193125-24-045358

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