Dominion sells 50% stake in nation’s largest offshore wind project

By Heather Richards | 02/22/2024 01:39 PM EST

Dominion Energy says the partnership will help finance a wind array off Virginia Beach.

The blades of an offshore wind turbine

The blades of one of two offshore wind turbines have been constructed off the coast of Virginia Beach, Virginia, on June 29, 2020. Steve Helber/AP

Dominion Energy is selling a 50 percent stake in its massive Virginia offshore wind farm to help finance the nearly $10 billion array off the coast of Virginia Beach.

The Richmond-based utility said Thursday it retains “full operational control” over the 176-turbine wind array in its new partnership with Stonepeak, a New York-based firm that invests in energy infrastructure and other assets on behalf of pension funds, endowments and institutions.

Dominion Energy Chair and CEO Robert Blue credited Stonepeak for its “extensive track record of investment in large and complex energy infrastructure projects.”


“Their significant financial participation will benefit both our project and our customers,” he said in a statement Thursday.