Undertaken in partnership with Leidos, a leading onshore technical and market advisor, Xodus acted as technical and environmental advisor to Stonepeak in this transaction.

CVOW is a 2.6GW offshore wind project located 27 miles off the coast of Virginia Beach. Dominion Energy began developing CVOW in 2013 and construction is expected to be completed by year-end 2026, when it will be among the world’s largest offshore wind farms upon completion.

Xodus and Leidos’ technical and environmental due diligence services included a detailed assessment of project construction contracts, project development plan, energy yield analysis, construction schedule review, onshore grid connection and operations and maintenance strategy. The team also provided analysis of the projects’ CAPEX and OPEX profiles.

As part of the work scope the pair undertook an Equator Principles Review - a voluntary credit risk management framework and set of guidelines for environmental and social risk assessment.

Elvin Eren, Renewables Advisory Lead, Xodus, who headed up the project, said: “We have a strong track record of successful global infrastructure investment advice, and our work assisting Stonepeak is testament to this. Our integrated technical and commercial due diligence capability, which is underpinned by real-life, practical experience, helps clients to make informed, confident investment decisions.

“It is great to have supported Stonepeak in this process and we look forward to seeing the CVOW project progress in the coming years.”

Dan Paterson, Head of Transactions said: “As the transition gathers pace and offshore wind deployment increases, the investment landscape will invariably become more complex as markets, policies and regulations adjust to the new, low carbon energy system. One of our core ambitions is to support the creation of a long-term, sustainable, and supportive offshore renewable energy industry, one that delivers for communities and companies alike.”