Us utility giant Dominion Energy (DN) announced on Thursday that it will sell a 50% non-controlling interest in an offshore wind farm off the coast of Virginia to Stonepeak to raise funds to help build the nearly $10 billion project.

Despite selling some of its interest, Dominion stressed that it would maintain full control over the construction and operation of the wind farm, while Stonepeak would cover half of the construction costs.

The deal is expected to close by the end of 2024, when Dominion will receive about $3 billion, or half of the entire construction cost.

The project is massive, with an estimated installed capacity of 2,600 megawatts (MW) and consists of 176 turbines, each capable of generating 14.7 MW of electricity. Located about 27 miles (43.5 kilometers) off the coast of Virginia Beach, the wind farm is expected to be the largest offshore wind project in the United States in the future.

The deal comes at a challenging time for offshore wind project development in 2023, with rising inflation, higher interest rates and supply chain issues combining to cause project costs to soar.

Despite these difficulties, Dominion said last year that the project remains on budget and is scheduled to be completed by the end of 2026. The second phase of construction is expected to start this year.

However, the company recently reported fourth-quarter profit below market expectations, mainly due to higher interest expense and weak electricity demand in key service areas.

Dominion's shares were down 1.8 percent at $45.45 in premarket trading. The Richmond, Virginia-based company reported adjusted profit of 29 cents per share, missing the average analyst estimate of 38 cents, according to LSEG.

Dominion also said it will conclude a review of its operating business that began in November 2022 and plans to hold an investor meeting on March 1 to further discuss the company's future strategy and financial performance.