Dominion Energy’s Sneak Energy Gets $4.9B in Loan Facility and Renewable Energy Investment
In a $4 billion deal, Dominion Energy will invest $4,977 million to expand its “sneaky energy” unit of its energy portfolio.
The unit, which will have 30,000 residential customers, will help expand its footprint for renewable energy and reduce the need for fossil fuel power plants, Dominion said in a statement.
The new investment will help the company reach its goal of 100 percent renewable energy by 2040.
Dominion has made strides in reducing its reliance on coal-fired power plants and will be the first of the state’s largest utility companies to be fully renewable.
With a $7 billion federal loan, Dominion will invest in renewable energy projects, as well as purchase energy from wind and solar power sources.
“Dominion is on track to meet its 2050 target of 50 percent renewable by 2026, and this deal provides an important incentive for Dominion to accelerate its transition to more efficient energy sources,” said Mark J. Brown, senior vice president for Dominion’s Renewable Power, which is responsible for the state utility’s energy portfolio and operations.
This investment will create 100,000 new jobs in the state and support Dominion’s commitment to create more than 150,000 jobs in renewable sectors in the next two decades, said John R. Woodruff, Dominion’s director of energy policy.
In addition to the $4 million in funding, Dominion has already invested $3.6 billion in renewable investments.
Dominion has more than 20 renewable projects under construction and is in the process of selecting a new investor.