Dominion Energy to buy solar project in Virginia

(Reuters) - Utilities firm Dominion Energy Inc will buy Longroad Energy's 108 megawatt solar project in Virginia, the U.S.-based renewable energy developer said on Tuesday.

The solar project, called Foxhound, has been in development for six years and will produce enough clean energy to power more than 17,000 homes, Longroad said in a press release.

Financial details of the deal were not disclosed.

Dominion and other large U.S. utilities with renewable projects are set to benefit from new federal clean-energy funding in the $430 billion Inflation Reduction Act. The act provides billions of dollars in tax credits and direct payments for solar, wind, battery and other energy sources to transition from fossil fuels.

The financial close of Dominion's acquisition is expected upon mechanical completion of the project in January 2024.

(Reporting by Arshreet Singh; Editing by Devika Syamnath)