Offshore wind developer Skyborn Renewables and strategic partner Stadtwerke München (SWM) have achieved Financial Close for the Gennaker offshore wind farm, located in the German Baltic Sea.
The milestone confirms that all debt and equity financing arrangements, major supply contracts, regulatory permits, and off-take agreements are fully finalized, allowing the 976.5 MW project to enter its full execution phase. Located approximately 15 kilometres north of the Fischland-Darß-Zingst peninsula off the coast of Mecklenburg-Western Pomerania, Gennaker is scheduled to become fully operational by the end of 2028, supplying renewable electricity to roughly 1 million German households.
The financial package includes backing from the European Investment Bank (EIB) supported by an EU guarantee. SWM holds a 25 per cent strategic equity stake in the wind farm, while Skyborn leads project delivery across the development, construction, and operational phases.
Key operational, commercial, and structural highlights include:
- Long-term offtake contracts: Commercial revenue is secured through major long-term Power Purchase Agreements (PPAs) signed in 2026, including a 600 MW commitment with Amazon and a 100 MW agreement with Uniper.
- Supply chain execution: Major supply and installation contracts secured in 2025 encompass turbine manufacturing, foundations, and cabling with suppliers including Siemens Gamesa Renewable Energy, EEW Special Pipe Constructions, Dajin Heavy Industry, Fred. Olsen Windcarrier, Seaway 7, Boskalis, and TKF.
- Permitting status: Full construction and operational permits were granted by the State Office for Agriculture and Environment in Mecklenburg-Western Pomerania in late 2025.
Patrick Lammers, Chief Executive Officer of Skyborn Renewables, stated: “Financial Close marks the moment when years of development, partnership building and preparation come together. We have built a strong foundation for the project, with committed lenders, customers, suppliers and shareholders aligned behind a common vision. With all key project components now in place, we are entering construction with confidence and a clear focus on successful execution.”
Nicola Beer, Vice-President of the European Investment Bank, added: “Gennaker shows Europe turning its clean‑energy goals into real benefits for people. Built off the coast of Mecklenburg‑Western Pomerania, where winds are strong and reliable, this wind farm will help Germany produce more of its own power and lower dependence on imported energy. Once running, it will supply clean electricity to around one million homes and businesses across the country.”
Dr Florian Bieberbach, Chief Executive Officer of Stadtwerke München, noted: “With our investment in the Gennaker wind farm, we are taking another major step forward in the expansion of our renewable energy portfolio. The project will significantly increase our renewable electricity generation capacity. Our aim is to continue generating sufficient renewable electricity to meet Munich’s total power consumption.”
