Other than the items discussed below, there have been no updates to acquisitions of solar projects by the Companies from those discussed in Note 10 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2020.

The following table presents acquisitions by Virginia Power of non-jurisdictional solar projects. Virginia Power has claimed or expects to claim federal investment tax credits on the projects.

Project Name

Date Agreement Entered

Date Agreement

Closed

Project

Location

Project Cost

(millions)⁽¹⁾

Date of

Commercial

Operations

MW Capacity

Bookers Mill

February 2021

June 2021

Virginia

200

Expected 2023

127

Belcher

June 2019

August 2019

Virginia

164

June 2021

The following table presents acquisitions by Dominion Energy of solar projects. Dominion Energy has claimed or expects to claim federal investment tax credits on the projects.

Project Name

Date Agreement Entered

Date Agreement

Closed

Project

Location

Project Cost

(millions)⁽¹⁾

Date of

Commercial

Operations

MW Capacity

Trask

May 2020

October 2020

South Carolina

March 2021

Hardin II

August 2020

Expected 2021

Ohio

295

Expected 2022

150

In addition to the facilities discussed above, Dominion Energy has also entered into various agreements to install solar facilities, primarily at schools in Virginia, with in-service dates through 2022. As of September 30, 2021, Dominion Energy anticipates a total projected cost of approximately $65 million under these agreements with an associated aggregate generation capacity of 32 MW. Dominion Energy has claimed or expects to claim federal investment tax credits on the projects.

In August 2021, Dominion Energy entered into an agreement with Terra Nova Renewable Partners to sell SBL Holdco, which holds Dominion Energy’s remaining 67% controlling interest in certain nonregulated solar projects for consideration of $456 million,

subject to customary closing adjustments, with the amount of cash reduced by the amount of SBL Holdco’s debt outstanding at closing. The transaction is expected to close in the fourth quarter of 2021, contingent on clearance or approval under the Hart-Scott-Rodino Act and by FERC as well as other customary closing and regulatory conditions. In September 2021, the waiting period under the Hart-Scott-Rodino Act expired. In October 2021, FERC approved the proposed sale.

At September 30, 2021, $743 million of assets, primarily consisting of property, plant and equipment, and $339 million of liabilities, primarily consisting of long-term debt, were classified as held for sale in Dominion Energy’s Consolidated Balance Sheets. Dominion Energy expects to record a gain of approximately $30 million ($31 million after-tax) upon closing. All activity related to SBL Holdco is recorded within Contracted Assets.

In August 2021, Dominion Energy entered an agreement with Clearway to sell its 50% controlling interest in Four Brothers and Three Cedars for $335 million in cash, subject to customary closing adjustments. The transaction is expected to close in the fourth quarter of 2021, contingent on clearance or approval under the Hart-Scott-Rodino Act and by FERC as well as other customary closing and regulatory conditions. In October 2021, the waiting period under the Hart-Scott-Rodino Act expired.

At September 30, 2021, $744 million of related assets, primarily consisting of property, plant and equipment, and $75 million of liabilities, primarily consisting of operating leases, were classified as held for sale in Dominion Energy’s Consolidated Balance Sheets. Dominion Energy expects to record a loss of approximately $225 million ($170 million after-tax) upon closing, primarily associated with the derecognition of noncontrolling interest. All activity related to Four Brothers and Three Cedars is recorded within Contracted Assets.

In the third quarter of 2020, Dominion Energy performed a strategic review of its long-term intentions for its contracted nonregulated solar generation assets in partnerships outside of its core electric service territories in consideration of the impact of the VCEA and Dominion Energy’s decision to sell substantially all of its gas transmission and storage operations. Based on an evaluation of Dominion Energy’s interests in these long-lived assets for recoverability under a probability weighted approach, Dominion Energy determined the assets were impaired. As a result of this evaluation, Dominion Energy recorded a charge of $665 million ($293 million after-tax attributable to Dominion Energy and $267 million attributable to noncontrolling interest) in impairment of assets and other charges in its Consolidated Statements of Income for both the three and nine months ended September 30, 2020 to adjust the property, plant and equipment down to its estimated fair value of $1.4 billion. The fair value was estimated using an income approach. The valuation is considered a Level 3 fair value measurement due to the use of significant judgmental and unobservable inputs, including projected timing and amount of future cash flows and discount rates reflecting risks inherent in the future cash flows and market prices.

In the third quarter of 2021, Virginia Power wrote off $318 million, primarily consisting of property, plant and equipment, net representing the utilization of a CCRO in accordance with the GTSA in connection with the proposed settlement of the 2021 Triennial Review. See Note 13 for additional information.

In November 2021, Wexpro closed on an agreement with a natural gas gathering systems operator to purchase an existing natural gas gathering system in Wyoming including pipelines, compressors and dehydration equipment for total consideration of $41 million.