Dominion Energy's subsidiary Virginia Power entered into an Equity Capital Contribution Agreement with Dunedin Member LLC, a Stonepeak affiliate, the company said. The investor will contribute cash and acquire a 50% non-controlling interest in OSW Project LLC.

1. 01

   Dominion Energy's subsidiary Virginia Power entered into an Equity Capital Contribution Agreement with Dunedin Member LLC, a Stonepeak affiliate, the company said. The investor will contribute cash and acquire a 50% non-controlling interest in OSW Project LLC.

2. 02

   The company said the transaction is expected to close by the end of 2024, after the closing conditions are met, including approvals from the State Corporation Commission of Virginia and the North Carolina Utilities Commission.

3. 03

   The company said that at closing it expects to receive approximately $3 billion, representing 50% of the CVOW construction costs incurred through closing, less an initial withholding of $145 million. It said that, if total construction costs excluding financing costs do not exceed $11.3 billion, Virginia Power and the investor will each contribute 50% of the remaining capital needed to fund construction.

4. 04

   The company said Virginia Power will use 100% of the net proceeds to reduce debt at the parent level. It also said the transaction is expected to improve the consolidated funds from operations to total debt ratio for 2024 by approximately 1%.

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