04:50 PM EDT, 07/08/2024 (MT Newswires) -- Dominion Energy ( D ) said Monday that its Virginia Electric and Power Co. subsidiary agreed to acquire the Kitty Hawk North Wind offshore lease and associated developments from Avangrid ( AGR ) for about $160 million, including $3,000 per acre for the nearly 40,000-acre site.

The lease, which will be renamed CVOW-South is expected to support 800 MW of offshore wind generation capacity by 2030, the company said.

Dominion Energy ( D ) and Avangrid ( AGR ) expect to finalize the transaction in Q4, pending approvals from the Bureau of Ocean Energy Management and the City of Virginia Beach.

Price: 49.35, Change: +0.02, Percent Change: +0.04