Skyborn Renewables has reached financial close on the Gennaker offshore wind farm, a project of up to 976.5 MW in the German Baltic Sea that is being developed together with Stadtwerke München (SWM).

According to Skyborn, the financial close confirms that the project's key agreements and financing arrangements are now in place, including debt and equity financing, power purchase agreements (PPAs), strategic partnerships and major supply and installation contracts. The project is now entering its execution phase and is expected to begin commercial operations by the end of 2028.

The financing package includes €2.1 billion in non-recourse debt provided by a consortium of 16 commercial lenders and the European Investment Bank (EIB). Skyborn said the project will mobilise more than €3 billion in total investment.

Once operational, Gennaker is expected to generate enough renewable electricity to supply around 1 million households in Germany.

PPAs secure a substantial share of future output

The project has strengthened its commercial position through long-term PPAs signed in 2026 with Amazon for 600 MW and Uniper for 100 MW. According to Skyborn, the agreements secure a substantial share of Gennaker's future electricity production through contracted revenues.

Stadtwerke München has also joined the project as a strategic equity partner, acquiring a 25% stake and strengthening its long-term ownership structure.

The financial close follows several major milestones achieved during the development of the project. In 2025, Skyborn secured the main supply and installation contracts covering the project's foundations, inner-array grid cable system and wind turbine generators.

The contractors involved include EEW Special Pipe Constructions, based in Rostock, as well as Dajin Heavy Industry, Siemens Gamesa Renewable Energy, Fred. Olsen Windcarrier, Seaway 7, Boskalis and TKF.

Gennaker also received its construction and operations permit from the State Office for Agriculture and Environment in Mecklenburg-Western Pomerania in 2025, providing the regulatory basis for the project to move into execution.

Offshore wind investment in the Baltic Sea

Gennaker is located approximately 15 kilometres north of the Fischland-Darß-Zingst peninsula in Mecklenburg-Western Pomerania. The project is expected to generate long-term economic activity in the region through investment, employment and supply-chain opportunities.

Nicola Beer, Vice-President of the European Investment Bank, said the project would help Germany increase domestic power generation and reduce its dependence on imported energy, while supporting skilled jobs, regional companies and local communities.

For Mecklenburg-Western Pomerania, the project represents another step in the state's development as an energy hub. Dr. Wolfgang Blank, Minister of Economics, Infrastructure, Tourism and Labour of Mecklenburg-Western Pomerania, described Gennaker as a key energy project for both the state and Germany.

From greenfield development to construction

Skyborn said its team has developed Gennaker from the greenfield stage and will now lead construction management and long-term asset management.

The company describes the project as a showcase for its integrated offshore wind infrastructure platform, covering the full project lifecycle from development and permitting through financing, construction and long-term operations.

With financing, key contracts, PPAs and the main regulatory approvals in place, Gennaker is now moving from development into execution, with commercial operation targeted for the end of 2028.