A consortium of investors; Allianz Capital Partners, AIP Management and Norges Bank bought 49.9% of the project, EnBW said in a statement.
The purchase makes the He Dreit wind farm one of the world’s first zero-cent bids without state subsidies for an offshore auction.
Additional funding will come from the European Investment Bank (EIB) which announced a €300 million loan to EnBW to develop He Dreiht.
Total investment in the project now stands at around €2.4 billion, EnBW said.
The German utility already operates the 497MW Hohe See and 112MW Albatros offshore wind farms in the German North Sea.
Danish turbine giant Vestas signed a conditional agreement to supply He Dreiht with 64 of its V236 15MW wind turbines in June last year.
The wind farm is planned for an offshore site around 90KM off the coast of Borkum island in northwest Germany in the German exclusive economic zone.
Construction is expected to last two years and nine months, the EIB said, with installation works scheduled from April to August next year to be followed by turbine and cable installations between April and August 2025.
TenneT will build the grid connection and two HVDC export cables with connection scheduled for December 2025.
Germany currently has an installed wind capacity of 42.9GW, of which 7.6GW is offshore according to Windpower Intelligence, the data and research division of Windpower Monthly.
The German government said in January it aims to have 30GW of offshore wind installed by 2030.
