Stonepeak gets debt commitment for obligations related to wind project

Chicago, Feb. 26 – Stonepeak Partners LLC entered into both an equity commitment letter and a debt commitment letter in support of the investment in an offshore wind partnership with Dominion Energy, Inc., according to a press release and an 8-K filing with the Securities and Exchange Commission.

Stonepeak is expected to make an approximately $3 billion contribution to the project.

The alternative investment firm is expected to seek syndicated financing, according to the commitment letter.

The financing will support the contribution. In exchange, Stonepeak will own half of what will be the largest offshore wind farm in the United States upon completion.

The transaction is expected to be completed by the end of 2024.

Vinson & Elkins LLP served as legal adviser to Stonepeak. Mizuho Securities USA, through its affiliate Greenhill & Co., and Santander US Capital Markets LLC served as co-financial advisers.

Dominion Energy, based in Richmond, Va., is a supplier of electricity and natural gas. Stonepeak, based in New York, is an alternative investment firm.

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