Utility developer Dominion Energy on Thursday announced the sale of a 50% equity stake for $3bn in its massive, 2.6GW Coastal Virginia Offshore Wind (CVOW) project, the largest in the US, to New York-based infrastructure firm Stonepeak.

Under the terms, subject to approval by utility regulator State Corporation Commission (SCC), the utility will form a subsidiary with Stonepeak while retaining control over the project’s construction and operations.