The German renewable energy company RWE has sold a 49% stake in its Humber Gateway offshore wind farm to investor Greencoat for £648 million.

The 219MW project, which was commissioned in 2015, is located off the coast of East Yorkshire.

With a 51% share in the wind farm, RWE will remain the majority shareholder and operator of the project.

RWE said it plans to use the money from the transaction to grow its renewable energy business.

By the end of 2022, RWE aims to expand its renewables portfolio to more than 13GW capacity by investing €5 billion (£4.4bn).