Renewables giant Iberdrola has signed a deal to sell a 49% stake in its already operational Wikinger offshore wind farm in Germany to Swiss investment company Energy Infrastructure Partners (EIP) for about €700m ($699m).

Iberdrola will keep a majority state of 51% in the 350MW Baltic Sea array that was opened in 2018, and continue running operations and maintenance services.

"The transaction further advances Iberdrola`s asset rotation plan to finance new renewable projects under development," said the company, referring to the massive roster of green power developments on its books including a huge offshore wind pipeline.