OIL - Dominion Energy Announces Agreement to Acquire Offshore Wind Lease From Avangrid For Potential Future Regulated Generation Development | Benzinga
- 40,000-acre lease, currently known as Kitty Hawk North Wind, will be renamed CVOW-South and could support 800 MW of offshore wind generation capacity in the 2030s
- Acquisition provides optionality to deploy additional regulated offshore wind generation to serve unprecedented electric demand growth using all-of-the-above approach supportive of goals of Virginia Clean Economy Act
- Transaction value of ~$160 million consists of lease acquisition ($117 million) and associated development cost reimbursement ($43 million) to Avangrid; transaction expected to close in fourth quarter of 2024
- No change to 2024-2029 capital plan provided at March 1, 2024, investor day
RICHMOND, Va., July 8, 2024 /PRNewswire/ -- Virginia Electric and Power Company, a wholly owned subsidiary of Dominion Energy, Inc. (NYSE:D), today announced that it has agreed to acquire the Kitty Hawk North Wind offshore wind lease and associated developments, which will be known as CVOW-South, from Avangrid, Inc. (NYSE:AGR), for approximately $160 million, inclusive of a payment of about $3,000 per acre for the nearly 40,000-acre lease.