Dominion Energy’s CVOW commercial venture marked a significant milestone with the arrival of its first eight monopile foundations at Portsmouth Marine Terminal, setting the stage for the 2.6-GW project’s installation set for spring 2024.
These foundations, single vertical steel cylinders crafted by EEW SPC, will be embedded into the sea bed, providing pivotal support for the wind turbine generators.
“The project continues to progress smoothly through the federal permitting phases,” a Dominion representative mentioned, noting the recent acquisition of the Final Environmental Impact Statement from the Bureau of Ocean Energy Management (BOEM). An imminent BOEM Record of Decision on the CVOW project is keenly awaited.
In a strategic shift, Dominion Energy is contemplating divesting a non-controlling equity stake in the CVOW initiative. “Incorporating an equity financing partner into the CVOW initiative will not only attenuate our external equity financing requisites but also anchor long-term corporate stability,” expressed Dominion Energy CEO Robert Blue during a review of the company’s regulated operations.
The U.S. offshore wind landscape, despite witnessing some turbulence with projects like Revolution Wind 2 and Commonwealth Wind facing pullouts due to financial constraints, remains optimistic.
Reflecting on the broader industry scenario, the Business Network for Offshore Wind’s U.S. Offshore Wind Quarterly Market Report highlighted an encouraging trend: “While we’ve documented substantial investments and policy advancements from July to September 2023, it’s heartening to observe projects like Vineyard Wind and South Fork Wind nearing operational status. The approved construction project pipeline has burgeoned threefold, with more ventures on the brink of final approvals.”
Such trends emphasize the resilient spirit of the U.S. offshore wind sector, determined to forge ahead despite periodic setbacks.
