In turn, Dong will sell 50% of the project to pension fund PensionDanmark in a DKr700m deal, making the two companies equal partners.
Dong will continue to operate the wind farm off the Danish coast.
The transactions are subject to approval by competition authorities.
Nysted offshore wind farm, located south of the island of Lolland, has a capacity of 165.6MW.
Since being commissioned in 2003, it has delivered around 570GWh annually, enough to supply power to about 140,000 homes.
