TL/DR –
Dominion Energy just dropped a casual $160 million to snag the Kitty Hawk North offshore wind lease, reminding us all that the real power move is investing in renewable energy. Meanwhile, Avangrid is holding on tight to Kitty Hawk South, planning to light up North Carolina and Virginia with a whopping 2.4 GW of wind power. But don’t sleep on Dominion’s next act—naming their new project CVOW-South and ramping up their wind game to a breezy 3.4 GW, because where there’s a wind, there’s a way!
Dominion Energy snaps up the Kitty Hawk North offshore wind lease from Avangrid, splashing USD 160 million.
Dominion’s deal covers USD 117 million for the lease, about USD 3,000 per acre, plus Avangrid’s development reimbursements.
“This move boosts our renewables game,” said Avangrid CEO Pedro Azagra.
Avangrid holds onto the Kitty Hawk South lease, aiming to power North Carolina, Virginia, and beyond with up to 2.4 GW.
The Kitty Hawk North deal, spanning nearly 40,000 acres, was inked in July this year.
The site is 40 km from the Coastal Virginia Offshore Wind project. Dominion plans to dub it CVOW-South.
Adding 800 MW from CVOW-South, Dominion’s total capacity hits 3.4 GW.
The firm recently sold a 50% stake in the CVOW project to Stonepeak.
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Original Story at www.offshorewind.biz
