Vinson & Elkins’ Offshore Wind Project Wins Multiple 2024 Deal of the Year Awards

Project Finance International (PFI) selected Stonepeak’s financing of its acquisition of a stake in the Coastal Virginia Offshore Wind project (CVOW) as the 2024 Americas Deal of the Year.

Proximo, a news and data analytics site covering the project, energy and infrastructure finance sectors, likewise recognized Stonepeak’s financing in naming CVOW the 2024 North America Offshore Wind Deal of the Year. Additionally, The Coastal Virginia Offshore Wind Project won North America Deal of the Year in The Asset’s 2025 Sustainable Infrastructure Awards.

Vinson & Elkins represented Stonepeak in financing and acquiring its 50% stake in CVOW from Dominion Energy. The 2.6-gigawatt CVOW, which is the largest offshore wind farm currently under construction in the U.S, is on schedule to generate enough clean, renewable energy to power up to 660,000 homes once fully constructed in late 2026. CVOW will consist of 176 turbines and three offshore substations in a nearly 113,000-acre lease area off the coast of Virginia Beach.

In naming CVOW deal of the year, PFI said the project’s financing was “impressive, using unique project dynamics to bring in a huge number of lenders for an attractively priced deal. Those who worked on the deal were able to take advantage of an evolving regulatory environment, maturing offshore wind market, and investor appetite for larger-scale renewable energy investments in the U.S.”

PFI added: “the project’s rate-base revenue structure allows the sponsors to earn a pre-determined rate of return, mitigating construction cost overrun risk as well as operational performance risk. That regulatory construct is unique relative to most non-recourse project finance transactions, as it generates rate base revenue pursuant to a rider with the Virginia State Corporation Commission. This gives the project reliable and leverageable cashflows but requires relatively atypical sizing, structuring, and credit analysis from lenders.”

The publication has covered project finance for more than 25 years in all the major sectors, including transport, power, oil & gas, infrastructure, and mining.

Vinson & Elkins’ CVOW team was led by partners Matt Falcone, Benji Barron and Eamon Nolan, counsel Zach Banks and senior associate Jordan Fossee, with assistance from partners Kaam Sahely, Andrew Nealon, Aaron Prince, Josh Heideman, John Michael and Michael Joyce, counsel Alistair Wishart, senior associate Brent Schoradt, and associates Tushar Parashar, Brad Oster, Brian Park, Michelle West, Peter Kim, Garrett Finch, Darren Fox and Hunter Michielson. Other key team members include partners David Peck, Sean Moran, Lauren Collins and Wendy Salinas, counsel Peter Rogers and associates Trey Frye and Lauren Nieman; partners Matt Dobbins and Brandon Tuck and associates Kelly Rondinelli and Kevin Moscon; partner Jeffrey Jakubiak and senior associate Andrew DeVore; partner David Wicklund and Tzvi Werzberger, counsel Carter Olson and associate Avi Shchigel; counsel Ken Adler; partners Craig Zieminski and Jamie Leader, counsel Elizabeth McIntyre and Brian Howard, senior associate Will Stripling and associates Alexander Sprenger, Ami Egerstrom, Eli Sterbcow and Emily Bamesberger.

About Vinson & Elkins
For more than a century, Vinson & Elkins has provided outstanding client service across important industries that drive the global economy. Built on a strong culture of collaboration across 14 offices worldwide, V&E lawyers are committed to excellence, offering clients decades of legal experience in handling transactions, investments, projects and disputes across the globe. Learn more by visiting www.velaw.com or connect with us on LinkedIn.

For more information, please speak with our media contacts.