WBIY - Powering Up the Future: Dominion Energy Acquires Lease for 800 MW Offshore Wind Project | Benzinga
Dominion Energy, Inc.‘s (NYSE:D) subsidiary Virginia Electric and Power Company agreed to acquire the Kitty Hawk North Wind offshore wind lease and associated developments (known as CVOW-South) from Avangrid, Inc. (NYSE:AGR) for $160 million.
The transaction value comprises $117 million for the lease acquisition and $43 million for related development cost reimbursement to Avangrid.
Notably, the acquisition includes a payment of approximately $3,000 per acre for the nearly 40,000-acre lease.
CVOW-South is projected to generate 800 MW of offshore wind generation capacity by the 2030s, providing electricity for 200,000 homes and businesses.
Virginia Electric ...