DONG Energy has signed an agreement with La Caisse de dépôt et placement du Québec to sell half of its 50% stake in 630MW London Array 1 offshore wind farm, for about GBP644m ($1, 058m).

La Caisse will enter the existing joint venture (JV) with a 25% ownership share alongside DONG Energy (25%), E.ON (30%) and Masdar (20%), at completion of the transaction.

Both the companies have also entered into a long-term transfer agreement for the power production and green certificates arising from La Caisse’s share of London Array 1.

La Caisse said that the DONG will remain the service provider of O&M services to London Array.

DONG Energy wind power executive vice president Samuel Leupold said the farm down of ownership shares in wind projects is a central part of company’s business model.

"We look forward to continuing the collaboration with the partners behind the consortium of London Array, now including La Caisse," Leupold added.