PARETO
Dominion Energy (NYSE:D) said Monday it agreed to acquire the Kitty Hawk North Wind offshore wind lease area from Avangrid (AGR) for ~$160M, consisting of a $117M lease acquisition payment and associated development cost reimbursement.
The 40K-acre lease, which Dominion (D) will renam CVOW-South, could support 800 MW of offshore wind generation capacity in the 2030s, providing optionality to deploy additional regulated offshore wind generation to serve unprecedented electric demand growth, the acquiring company said.
Avangrid (AGR) said it retains ownership and associated rights to the Kitty Hawk South lease, and will continue development of the area, which has the potential to deliver up to 2.4 GW of power to North Carolina, Virginia or other states or private companies.
“With electric demand in our Virginia territory projected to double in the next 13 years, Dominion Energy is securing access to power generation resources” to provide clean energy for its customers, Dominion (D) Chair, President and CEO Robert Blue said.