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 …
Powering Up the Future: Dominion Energy Acquires Lease for 800 MW Offshore Wind Project
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