The deal with the renewable energy development arm of the Norwegian shipping company is expected to be completed in the first quarter of 2016, but financial details have not been revealed.
LeedCo president Lorry Wagner said the consortium would continue to support the development of the project.
"Fred Olsen Renewables is investing early stage development capital to de-risk the project and get it to financial close," Wagner told Windpower Monthly.
"It is anticipated that a typical project finance structure will be used, and Fred Olsen Renewables will then decide what equity participation they will take. At that time, they will determine whether or not they will seek other equity partners," he added.
The project is located 11km from Cleveland, Ohio, northern US.
Fred Olsen's vessels business Windcarrier joined the project in November 2014 to help devise an installation strategy for the project.
In June this year, LeedCo seletected Fred Olsen subsidiary Universal Foundation to supply its mono bucket foundations to the site, located in 18-metre deep waters.