The transaction is valued at around €700 million. It expected to close in approximately two months, an Iberdrola spokesman said.
Iberdrola will continue to own 51% of the project after the deal is finalised.
The Spanish energy giant plans to use the proceeds to finance new under-development renewable projects.
It will continue to control and manage the wind farm, leading its operations and maintenance services.
The 350MW Wikinger Wikinger (350MW) Offshorenorth-east of Rügen, Mecklenburg-Vorpommern, Germany, Europe Click to see full details project was the first offshore wind farm that Iberdrola developed on its own. It was commissioned in 2018.
The wind farm consists of 70 of Siemens Gamesa’s M5000/135 turbines.
At the end of June, Iberdrola had nearly 1.3GW of operational offshore wind capacity, 3GW under construction and another 4GW for which it has signed a power purchase agreement or secured all necessary rights to build the project.
It is also developing projects off Ireland, Japan, the Philippines, South Korea, Sweden, Taiwan, the UK and the US.