Dominion closes $2.6B offshore wind JV with Stonepeak; controls CVOW project

DOMINION ENERGY, INC

Virginia Power contributed CVOW assets to OSW LLC; Stonepeak affiliate invested ~$2.6B for 50% stake.
Mandatory future capital contributions up to $11.3B total; Virginia Power controls OSW through majority board.
If costs exceed $11.3B (up to $13.7B), Stonepeak may contribute; Virginia Power contributes 67-83% of excess.
Virginia Power receives up to $100M of initial withholding if costs under $9.8B; none if over $11.3B.
Virginia Power retains full control as project manager under separate project management agreement.

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