Wind - August 27, 2021
Port of Virginia to Lease Space for Offshore Wind
Gov. Ralph Northam announced Aug. 25 that the Commonwealth of Virginia will be leasing ocean space to Dominion Energy for the development of offshore wind energy.
The Port of Virginia will provide a portion of the Portsmouth Marine Terminal to the utility for the use of 72 acres of its multi-use marine cargo space. The wind project will produce more than 2,600 MW of renewable energy for Virginia Beach customers.
The lease will last for 10 years and is valued at nearly $4.4 million annually with the option for two five-year renewals.
“This announcement is yet another milestone toward making Virginia the national leader in offshore wind power,” Gove. Northam said in a statement. “The Commonwealth and Dominion Energy are standing together to promote clean energy, reduce carbon emissions, create jobs, and build a new American industry on the East Coast of the United States.”
The agreement will support the Virginia Clean Economy Act, which targets 5,200 MW of offshore wind production by 2034 and achieving 100% carbon-free energy production by 2045 for Virginia.
“For the last several years it has been known that The Port of Virginia, and specifically the Portsmouth Marine Terminal, is positioned to be the leading Mid-Atlantic logistics hub for the offshore wind industry,” said Stephen Edwards, Port of Virginia CEO. “This agreement capitalizes on PMT’s potential and solidifies Virginia’s place as the leader in this growing and competitive field. This port is ready to support Dominion Energy and all of the businesses and jobs that will ensure the success of offshore wind in Virginia.”