Power company RWE is selling 85% of its share in three wind farms in the North Sea.
Its renewable arm Innogy has signed an agreement for Northland Power to buy the stake in Nordsee One, Two and Three wind farms.
The €1.2 billion Nordsee One is in “advanced development” and has a 332MW capacity. Once operational, it is expected to generate enough electricity to power around 400,000 homes.
The other two projects are in the early stages of development and will have a combined capacity of 670MW.
They are located 40 kilometres north of Juist Island in German territorial waters.
Hans Buenting, CEO of Innogy said: “Today’s agreement marks the first important milestone on the way to realise the Nordsee One offshore wind project.”
The companies expect to start construction offshore in 2016 and commercial operation by the end of 2017.