The Arkona wind farm, located off northeastern Germany, will provide renewable energy for up to 400,000 households in Germany with its capacity of 385 megawatts, the two companies said.
Built and operated by EON, it will be fully operational in 2019 and will consist of 60 wind turbines of six MW each, installed at water depths of between 23 and 37 metres (between 75 and 120 feet).
The project will enable Statoil, which is specialised in oil and gas production, to increase its wind farm energy capacity by around 50 percent, while EON will become "the first company to operate wind farms in both the German North Sea and the Baltic Sea."
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Germany, which has decided to phase out nuclear energy, is home to Europe's biggest wind park, with 45 gigawatts, ahead of Spain (23 GW), Britain (13.6 GW) and France (10.4 GW), according to 2015 statistics from the European Wind Energy Association.