RWE is taking a further 20% stake from Eon in the 400MW Rampion offshore wind farm, giving the former a majority stake in the project off the south coast of England.
The project, which is already operated by RWE Renewables, is now 50.1%-owned by RWE, with a 30.1% interest having been transferred in 2019.
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The closing of the latest transaction is expected to take place in the first half of 2021.
No details of the purchase price have been revealed.
Rampion was fully commissioned in April 2018.
The remaining 49.9% is held by a Macquarie-led consortium (25%) and the Canadian energy company Enbridge (24.9%).