Vardar now owns 67% of Kvalheim Kraft, with Østfold Energi owning the remaining shares.
The transaction is part of Dong Energy's exit from onshore wind, to alllow it to focus on developing, constructing and operating offshore wind farms.
Samuel Leupold, executive vice president of Dong Energy Wind Power, said: "The onshore wind assets in Norway have been a good investment for Dong Energy.
"But as our core expertise is not in onshore wind, we have decided to divest these assets in Norway to allow us to focus our energy in the future in areas in which we can create maximum value i.e. offshore wind."
Kvalheim Kraft owns and operates Mehuken wind farm I and II in Vågsøy municipality, close to Norway’s west coast, 300 kilometres north of Bergen.
Mehuken opened in 2001 with five wind turbines and a 4.25MW capacity, which was extended in 2010 with eight additional wind turbines with a 18.4MW capacity.
Since February 2013 Dong Energy has divested its onshore wind assets in Poland, Denmark and now Norway.