Coastal Virginia Offshore Wind (CVOW)

Dominion Energy (through subsidiary Virginia Electric and Power Company / Virginia Power) sold a 50% noncontrolling interest in the Coastal Virginia Offshore Wind (CVOW) commercial project to Stonepeak, a private infrastructure investment firm. The transaction closed October 22, 2024. Dominion received proceeds of USD 2.6 billion, representing reimbursement of approximately 50% of project-to-date capital investment. Under the LLC structure, Stonepeak holds 100% of Class B units and Virginia Power retains 100% of Class A units, with Stonepeak having customary minority rights but Virginia Power retaining full operational control. Stonepeak will fund 50% of remaining project costs, subject to a total project cost cap of USD 11.3 billion. CVOW is the largest offshore wind farm under construction in the US (2,600 MW, 176 turbines, Siemens Gamesa SG 14-222 DD), targeting COD late 2026. This is a regulated utility-model project — CVOW costs are recovered through Virginia rate cases rather than merchant offtake. USD 2,600m × 0.93 (2024 rate) = EUR 2,418m (proceeds to Dominion); implied 100% equity value = EUR 4,836m. Implied EUR/MW = EUR 4,836m / 2,600 MW × 1,000,000 = EUR 1,860,000/MW. VALUATION NOTE: The USD 2.6bn represents reimbursement of capital already invested, not a pure equity valuation. Stonepeak also commits to fund 50% of remaining construction costs (total project cap USD 11.3bn). The implied EUR/MW is a capital-reimbursement metric, not directly comparable to European farmdown implied values. Regulated utility (rate-base recovery) model. Use with caution in valuation comps.