Dominion’s partner search for US’s largest offshore wind farm in ‘advanced stage’
Dominion’s partner search for US’s largest offshore wind farm in ‘advanced stage’ | Windpower Monthly
Dominion Energy is in “the advanced stages of a process to identify a non-controlling equity financing partner” for its 2.6GW Coastal Virginia Offshore Wind (CVOW) project, said CEO Bob Blue.
The CVOW project off Virginia is due to be the US’s largest offshore wind farm.
The $9.8 billion project secured environmental approval at the end of October. The Virginia utility had first said it was seeking to sell a stake in the project in September.
"Our fully regulated offshore wind project is on time and on budget and is expected to save customers more than $3 billion in fuel costs over the first ten years of operation,” Blue added.
Dominion also stated that CVOW is expected to produce power for $77/MWh, down from its earlier forecasts of $80-$90/MWh.
The US offshore wind sector has been pummelled by rising costs because of inflation and supply chain bottlenecks, so the reduced cost forecast was not expected.
Related Knowledge Center: ENERGY BASICS: wind
Decades of government support for the development of wind energy has resulted in lower costs and a rapidly growing share of electricity generated by wind turbines. Wind in 2019 accounted for 7.3 percent of electrical generation, surpassing for the first time hydropower at 7.0 percent.