DONG Energy is selling half of the stake in a German offshore wind project for €780 million (£568m).

It will be paid by investment group Global Infrastructure Partners (GIP) by 2016. It will issue a project bond to a group of German insurance companies.

The green bond will part-finance the 330MW Gode Wind 1 offshore wind farm, which will include 55 turbines.

It will generate enough electricity for 340,000 households and is expected to be fully commissioned in 2016.

Samuel Leupold, Executive Vice President in DONG Energy Wind Power, said: “I am very excited about the evolution of DONG Energy’s market leading partnership model to facilitate this innovative long term investment by German institutional investors into the offshore wind sector for the first time.”

The transaction is subject to approval by the competition authorities and is expected to be completed by the end of the year.

The two offshore substations for the Gode 1 and 2 offshore wind farms were installed earlier this year.