Dominion Energy Offshore Wind Initiatives for 2025: Key Projects, Strategies and Partnerships

Dominion Energy’s Offshore Wind Gambit: From Blueprint to Megaproject

From Strategic Blueprint to Physical Construction: The Evolution of U.S. Offshore Wind

Between 2021 and 2024, Dominion Energy’s approach to offshore wind was characterized by strategic foundation-building. This period was about de-risking and assembling the components for its landmark Coastal Virginia Offshore Wind (CVOW) project. Key activities included securing a cornerstone technology partnership with Siemens Gamesa for turbines in 2021, establishing a workforce pipeline with North America’s Building Trades Unions (NABTU), and bringing on engineering expertise from Ramboll in 2023. The most significant financial maneuver was the 2024 sale of a 50% stake to Stonepeak, a move that offloaded $3 billion in capital requirements and validated the project’s financial viability. This era was defined by planning, partnership formation, and initial, tentative steps into physical construction, such as the first monopile installation in May 2024.

The period from January 2025 to the present marks a critical inflection point, shifting from planning to large-scale, complex execution. The variety of activities demonstrates a maturation of the project’s application. The installation of the first of three offshore substations in March 2025 by DEME Group and the completion of port upgrades by Skanska signal that the project has moved into a sophisticated, multi-vendor logistics and construction phase. By August 2025, the project was reported as 60% complete, a tangible metric of progress. This transition from securing leases and partners to orchestrating a massive offshore construction effort highlights a significant new opportunity: leveraging a proven execution model for future projects, like the planned CVOW South. The primary threat has likewise shifted from financial and planning uncertainty to the inherent risks of complex offshore installation schedules.

Investment: Capitalizing the Nation’s Largest Offshore Wind Farm

Dominion’s investment strategy has evolved from securing initial project financing to managing a massive capital deployment. The early investment in the $500 million *Charybdis* vessel was a strategic down payment on solving a critical U.S. supply chain bottleneck. The pivotal moment came in 2024 with the $3 billion partnership with Stonepeak, which provided significant capital and shared project risk. As of mid-2025, the project reflects $7.5 billion in invested capital, underscoring the shift from financial modeling to active construction spending.

Table: Dominion Energy Offshore Wind Investment Timeline

Partnerships: Weaving a Collaborative Web for Offshore Execution

Dominion’s success hinges on a sophisticated network of partnerships that has evolved from strategic planning to tactical execution. The early period (2021-2024) focused on securing foundational partners like Siemens Gamesa for core technology, Ramboll for design, and Stonepeak for finance. The 2025 period reveals a shift to specialized, operational partners like DEME Group for substation installation and Prysmian Group for cable laying, indicating the project has entered its most complex construction phase. This demonstrates a mature, vertically-integrated partnership strategy essential for a megaproject of this scale.

Table: Dominion Energy Offshore Wind Partnership Timeline

Geography: Anchoring America’s Offshore Wind Future in Virginia

Between 2021 and 2024, Dominion’s geographic focus was on securing its operational footprint off the U.S. East Coast. The primary location was the 2.6 GW CVOW lease area, 27 miles off Virginia Beach. The most significant geographic development was the 2024 acquisition of an adjacent 176,505-acre federal lease area, which solidified a long-term regional growth strategy. During this period, the activity was largely confined to regulatory approvals and initial offshore survey and foundation work, establishing Virginia as a key future hub for the U.S. offshore wind industry.

From 2025 onward, the geography transformed from a designated zone to a live, large-scale industrial site. The installation of the first substation in March 2025 and the ongoing work by specialized vessels from partners like Prysmian and DEME have made the waters off Virginia Beach the most active offshore wind construction area in the United States. Skanska’s completion of harbor improvements further cements the Port of Virginia as the logistical nucleus for this activity. This shift from leasing to active construction makes Virginia the undisputed leader in U.S. offshore wind deployment. The primary geographic risk is now less about site control and more about managing the complex marine logistics within this concentrated area.

Technology Maturity: From Component Selection to Integrated System Deployment

In the 2021-2024 timeframe, Dominion’s technology strategy focused on procuring and initiating the deployment of commercial-scale components. The selection of Siemens Gamesa’s 14 MW turbines and the decision to build the $500 million Jones Act-compliant *Charybdis* installation vessel were pivotal. These actions demonstrated a commitment to proven, large-scale technology while simultaneously solving a domestic logistical bottleneck. The installation of the first monopile foundations in 2024 marked the transition from technology acquisition to physical deployment, validating the choice of foundational technology.

The period from 2025 to today showcases a leap in technological maturity toward full systems integration. The focus has shifted from individual parts to making them work together at sea. The successful installation of the first offshore substation in March 2025 is a key validation point, proving the viability of the project’s complex power transmission system. The commencement of sea trials for the *Charybdis* vessel and the deployment of Prysmian’s *Monna Lisa* for cable laying indicate that specialized, mission-critical technology is now operational. The project reaching 60% completion confirms that the integration of turbines, foundations, substations, and cables is proceeding at scale, moving offshore wind technology in the U.S. from a piloted concept to a commercial reality.

Table: SWOT Analysis of Dominion Energy’s Offshore Wind Strategy

Forward-Looking Insights: Execution Is Everything

The data from 2025 signals that Dominion Energy has successfully navigated the financial and regulatory phases of its offshore wind strategy. The focus for the year ahead is squarely on execution. The primary signal to watch will be the project’s progress toward its late 2026 completion date. With the project 60% complete, the installation rate of the remaining ~98 turbines and two substations will be the key performance indicator. The operational debut of the *Charybdis* installation vessel is a critical milestone; its efficiency will directly impact the project’s timeline and budget. Market actors should also monitor any announcements regarding the CVOW South project. Tangible steps to develop this newly acquired lease area would signal that Dominion is successfully converting its current construction momentum into a scalable, long-term growth engine. The narrative has shifted from “if” this project will be built to “how efficiently” it can be completed and replicated.

Frequently Asked Questions

What is the total cost of the Coastal Virginia Offshore Wind (CVOW) project and how is Dominion Energy funding it?
The total projected cost is $10.9 billion. As of mid-2025, Dominion has invested $7.5 billion. A critical part of the funding strategy was the sale of a 50% noncontrolling interest to the investment firm Stonepeak in October 2024 for $3 billion, which provided significant capital and shared the project’s financial risk.

What is the current status of the CVOW project and when will it be finished?
As of August 2025, the project was reported as 60% complete. Major construction is underway, with the first of three offshore substations installed in March 2025 and 78 of the monopile foundations in place. The project is targeting a completion date in late 2026.

Who are the main partners helping Dominion build this wind farm?
Dominion is working with a network of specialized partners. Key partners include Siemens Gamesa for supplying the 176 turbines, Stonepeak for financial partnership, DEME Group for installing the offshore substations, Prysmian Group for laying subsea cables, and Skanska for completing port infrastructure upgrades.

What is the ‘Charybdis’ vessel and why is it important?
The *Charybdis* is a $500 million wind turbine installation vessel built by Dominion. It is the first of its kind to be compliant with the Jones Act, a U.S. law regulating maritime commerce. Its construction was a strategic move to overcome a critical domestic supply chain bottleneck, as there were previously no U.S.-flagged vessels capable of installing modern offshore wind turbines.

Does Dominion have plans for more offshore wind development after this project?
Yes. Dominion has secured a pipeline for future growth by acquiring two additional lease areas. In August 2024, it acquired a 176,505-acre federal lease adjacent to the main CVOW project, and in July 2024, it acquired the Kitty Hawk North Wind lease (now CVOW-South) from Avangrid for potential future development.

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