Power utility firm Energie Baden-Württember (EnBW) will sell its 49.89% stake in the 288MW Baltic 2 offshore wind farm in Germany to Macquarie Capital for about €720m.

The wind farm is presently under construction at a 32km distance to the north of the Baltic island Rügen.

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EnBW will retain its remaining interest in the project, which will be equipped with 80 wind turbines from Siemens. Approximately 34 of the turbines have already been installed at the facility.

Once operational, the offshore wind farm is likey to generate around 1,200GWh of electricity annually, which will be enough to power around 340,000 households.

"This transaction furthers TerraForm’s leadership in the distributed generation market segment."

"Macquarie’s strong balance sheet has allowed us to actively identify and invest in projects across Europe.

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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.

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"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."

The project completion and financial close for the wind farm is likely to be in June 2015.

EnBW wants to invest more than €7bn for strategic restructuring of its activities in the future.

The firm plans to spend around €3.5bn for expanding wind energy portfolio and another €3bn for grid business, as part of its 2020 strategy.