EnBW Energie Baden-Württemberg has agreed to sell its 49.89% stake in the 288MW Baltic 2 offshore wind farm in Germany to Macquarie Capital for about €720m.

Baltic wind farm

EnBW will retain the remaining interest in the wind farm, which is currently under construction in the Baltic Sea.

The wind farm, which is being built 32km north of the Baltic island of Rügen, will feature 80 Siemens turbines, with 34 currently installed.

Upon completion, the wind farm can generate 1,200 gigawatt hours of electricity per year for about 340,000 homes and save 900,000 tons of CO2.

Macquarie Capital Europe head of infrastructure, utilities and renewable Mark Dooley said: "Macquarie’s strong balance sheet has allowed us to actively identify and invest in projects across Europe.

"Given the strong regulatory renewable energy regime, we see Germany as a key market for this type of investment going forward."

EnBW chief financial officer Thomas Kusterer said: "EnBW has now successfully implemented its second participation model in the area of offshore wind energy. With deep experience in infrastructure, Macquarie Capital is the right partner and investor for such an ambitious project."

EnBW plans to invest over €7bn in the coming years in the strategic restructuring of its activities.

The company intends to invest around €3.5bn for wind energy expansion and an additional €3bn in its grid business as part of 2020 strategy.

Image: EnBW will retain the remaining interest stake in the Baltic 2 offshore wind farm. Photo: Courtesy of Macquarie Group Limited.