RWE has signed an agreement with Greencoat to sell a 49% stake in the operational 219MW Humber Gateway offshore wind farm in the UK for a £648m cash consideration.
Closing of the transaction is subject to the approval of the Supervisory Board of RWE AG and is expected by mid-December.
RWE said the disposal of the project off the coast of East Yorkshire is part of its capital rotation program and the proceeds will be used to finance further growth in the renewable energy business.
RWE will remain the majority shareholder and project operator at the wind farm, which was commissioned in 2015.
Greencoat is already a partner in other RWE UK projects, namely in the offshore wind farm Rhyl Flats as well as in the onshore wind farms Little Cheyne Court, Lindhurst and Middlemoor.
RWE said the announcement did not change its financial guidance and it still intends to expand its renewables portfolio to more than 13 gigawatts capacity by the end of 2022 by investing €5 billion net.
Together with partners, the gross investment volume could amount to €9 billion, it added.