KfW IPEX-Bank contributes to financing of Coastal Virginia Offshore Wind Farm mega-project in USA

• Acquisition of a 50% stake by Stonepeak from Dominion Energy
• Supplies from Germany and Europe
• KfW IPEX-Bank as Coordinating Lead Arranger

KfW IPEX-Bank is playing a leading role in another major energy transition project in the USA. The US infrastructure investor Stonepeak is acquiring a 50% stake in the ‘Coastal Virginia Offshore Wind Farm’ currently under construction off the coast of Virginia from the energy generation company Dominion. The financing for the acquisition is being provided by a consortium of international commercial banks, in which KfW IPEX-Bank is acting as Coordinating Lead Arranger.

With a total capacity of 2.6 gigawatts, the ‘Coastal Virginia Offshore Windfarm’ will be the largest offshore wind farm in the USA and supply up to 660,000 households with renewable energy after its completion planned at the end of 2026. Parts of the supplies come from Germany and Europe, for example from the renowned company Siemens Gamesa, which is responsible for the delivery and installation of 176 wind turbines.

‘We are proud to contribute to this pioneering flagship project for the growing renewable energy market in the US,’ said Dr Velibor Marjanovic, Member of the Management Board of KfW IPEX-Bank. ‘Once again, we are emphasising our commitment to advancing the energy transition worldwide.’