Virginia regulator approves Dominion’s planned offshore wind farm (NYSE:D)

power of domination (NYSE:D) said on Friday that Virginia regulators had approved his request to build the 2.6 GW Coastal Virginia offshore wind project and have the costs reimbursed by taxpayers.

Dominion (D) said the Coastal Wind project will generate electricity enough clean energy to power up to 660,000 homes and represents a ~$9.8 billion clean energy investment and is the largest project of its kind in the United States

The Virginia State Corporation Commission’s order includes permitting 17 miles of new transmission lines and other onshore infrastructure; The project will be constructed 27 miles offshore from Virginia Beach.

The company expects the project to save Virginia taxpayers more than $3 billion in its first 10 years of operation, with savings potentially doubling to nearly $6 billion if current pressures on the commodity markets continues.

Dominion (D) is pleased with the approval but “is reviewing the details of the order, particularly the performance requirements.”

Dominion Energy (D) is a “steady performer but has a very high P/E ratio with negative free cash flow,” wrote Mike Zaccardi in a bearish analysis published on Seeking Alpha earlier this summer.