Under the deal, SSP will acquire 100% of the project. SSP is a division of private equity fund Ventizz Capital Funds IV, which until recently was in litigation with PNE.
PNE said it will continue to develop the project until approval has been granted. This is expected to be given in 2013.
Nautilus II has approval for 80 7MW wind turbines. It is located off the German North Sea coast, around 180 kilometres north-west of Helgoland.
PNE sold SSP to Ventizz Capital in 2008. However, Ventizz went to court in 2009 in an attempt to reverse the sale. It was claimed accounting errors were made during the original negotiations.
Earlier this week, prior to announcing the divestment of Nautilus, PNE announced that Ventizz had ceased its court action.
At the time, PNE said the claim against it was based on alleged errors in the corporate planning for SSP Technology, as submitted during contract negotiations.
Separately, Ventizz was demanding payment of EUR8.64 million for an alleged breach of a warranty relating to SSP Technology accounts that were outlined in the share purchase agreement back in 2008.