Macquarie Capital, the investment arm of Austrialia's Macquarie group, has signed an agreement with Energie Baden-Württemberg AG (EnBW) to acquire a 49.89% interest in Baltic 2 offshore wind farm in Germany, for around €720m.

Currently under construction at 32km north of the Baltic island of Rügen, the 288MW wind farm is expected to generate 185GWh a year.

The transaction is scheduled to be completed in June 2015.

Macquarie Capital Europe Infrastructure, Utilities and Renewables head Mark Dooley said: "Given the strong regulatory renewable energy regime, we see Germany as a key market for this type of investment going forward."

Located 34km offshore in water depths of 23m to 44m, the project will feature 80 Siemens wind turbines, with 34 currently installed.

EnBW chief financial officer Thomas Kusterer said: "EnBW has now successfully implemented its second participation model in the area of offshore wind energy."

Subject to suitable weather conditions, the first power turbines are expected to begin feeding electricity into the grid in the next few weeks.

The EnBW Baltic 2 facility, which is scheduled to be commissioned in spring 2015, is designed to generate 1,200 gigawatt hours of electricity annually to meet the requirements of around 340,000 households while reducing 900,000t of CO2.

Macquarie Capital focuses on advising and investing in renewable energy projects across Europe.