Macquarie has agreed a £1.63bn ($1.96bn) deal to buy a 40% stake in the 714MW East Anglia One (EA1) project under construction by Iberdrola off eastern England.

The Australian finance giant’s Green Investment Group (GIG) arm will buy the share from Iberdrola subsidiary ScottishPower Renewables, subject to completion of certain conditions, said a statement.

EA1 is due to begin operations in 2020 and completed foundation installation last month.

Once online, EA1, one of the ten biggest offshore wind farms being built in European waters, which is using 7MW Siemens Gamesa SWT-7.0-154 turbines, will supply enough for more than 630,000 British households.

The project, granted a contract for difference (CfD) in February 2015 at a strike price of £119.89/MWh, is the first of four same-named projects that could eventually form a 3.6MW mega-complex in the North Sea, including the 1.2GW EA3, the 900MW EA2, and the 800MW EA1 North projects.

Iberdrola said the proceeds of the stake sale will be used to fund its growth plans, which are heavily focused on renewables investment.

GIG – formerly the UK Green Investment Bank before its acquisition by Macquarie – said it now has more than 5.7GW of offshore wind under its wing across 14 projects.