US utility Dominion Energy Inc (NYSE:D) intends to offload a non-controlling interest in its 2.6-GW Coastal Virginia Wind (CVOW) project in order to de-risk it, the company announced this week.
Confirming that the project is on budget, the utility said it is conducting a review of its efficient sources of capital with the aim of strengthening its balance sheet in the long term and reducing the need for external equity financing. According to it, bringing in a partner in CVOW will help lower project risk.
“Not only is our project on budget and on schedule, but it is also estimated to deliver electricity at a levelised cost that competes very favorably with the nation’s unregulated offshore wind projects [..],” said Robert M Blue, Dominion’s CEO and president and CEO.
The USD-10-billion (EUR 9.33bn) CVOW will be located about 27 miles (43 km) off the coast of Virginia Beach and is expected to generate electricity for up to 660,000 homes from 176 Siemens Gamesa turbines of 14.7 MW each. Offshore construction is due to be launched in 2024, with completion targeted for 2026.
The project secured a draft Environmental Impact Statement (EIS) last December and is expected to be issued a Record of Decision (ROD) from the US Bureau of Ocean Energy Management (BOEM) in the second half of this year.
(USD 1.0 = EUR 0.933)
