NextEra and Dominion propose $500M-$700M Richmond tower if merger approved
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SUMMARY: NextEra Energy is promising to build a $500 million to $700 million office tower in downtown Richmond next to Dominion Energy 's headquarters as part of a broader package of jobs, customer bill credits and other investments the two utility giants have proposed as they aim for approval of their $66.8 billion merger . The proposed office building, which would be roughly the same size as Dominion's 20-story, 960,000-square-foot headquarters that opened in 2019, would be built on land left unoccupied since the May 2020 demolition of Dominion's former office tower. Originally, the Fortune 500 utility planned to build a second tower there that would have been 17 stories, but in 2021, Dominion abandoned plans for the other office at 700 Canal Place, citing a reduction in its workforce following the sale of its natural gas transmission and storage business and a shift toward remote work following the pandemic shutdown. According to the Monday announcement from Dominion and NextEra, the Florida-based utility company's shareholders would pay for the second tower, meaning the holding company would fund it using corporate resources instead of revenue from regulated utility customers. Design work would begin as soon as the merger closes, Bill Murray, Dominion's senior vice president of corporate affairs and communications, said in an interview Monday. The merger, which requires...
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