Dominion Energy has been looking to sell a 700 MW+ portfolio of operating solar plants across PJM and SERC, said three sources familiar with the situation.

The utility engaged Wells Fargo Securities and GreenFront Energy Partners to run the process.

This process includes 11 operating solar projects across four states with a weighted average remaining PPA life of 11.6 years. The projects are free of project-level debt and tax equity and backed by investment grade offtakers, including hyperscalers and regulated utilities.

The process launched and is in the first round.

The latest sales process comes as Dominion has remained busy actively recycling both projects and also selling platforms as it raises capital to support its next generation of power generation to support both retiring resources and additional load growth associated with data centers.

This includes selling down a 50% stake in Coastal Offshore Wind (CVOW) to Stonepeak Infrastructure Partners last year, selling three natural gas utilities to Enbridge for USD 14bn enterprise value and also selling its 50% limited partnership stake in Cove Point LNG to Berkshire Hathway Energy (BHE) for USD 3.3bn.

Dominion Energy updated its 2024 Integrated Resource Plan to both reflect power demands and comply with Virginia Clean Energy (VCEA) standards and contemplates 12.7 GW of forced retirements by 2045. The updated plans accounts for a significant increase in target capacities for nuclear, solar and storage projects.

Dominion is also planning a USD 1.5bn, 1 GW natural gas project, Chesterfield Energy Reliability Center, which is still in its early stages, but is expected to be placed in service in 2029, according to its 1H25 investor presentation and in the near-term remains on the hook for an additional USD 1.7bn to complete CVOW.

Dominion declined to comment on the situation.

*This story was originally published exclusively for NPM subscribers.