Skyborn Renewables has secured more than €3bn in funding to advance the 976.5MW Gennaker offshore wind farm in the German Baltic Sea, allowing the project to progress to the construction phase.
The financing includes €2.1bn in non-recourse funding arranged by a consortium of 16 commercial lenders together with the European Investment Bank (EIB).
Stadtwerke München recently entered the project as a strategic equity partner, purchasing a 25% share and strengthening Gennaker’s long-term ownership framework.
The project, positioned approximately 15km north of the Fischland-Darß-Zingst peninsula, is set to become the largest offshore wind installation in the region.
It is expected to generate roughly 3.8TW-hours (TWh) of electricity per year from 63 wind turbines, enough to supply around one million households.
Commercial operations are scheduled to begin by the end of 2028.
Skyborn has led the development of Gennaker from the outset and will oversee construction management and ongoing asset operations.
With the financial close, all key agreements related to debt, equity, power purchase agreements (PPAs), strategic partnerships and supply, as well as installation, have been completed.
Skyborn CEO Patrick Lammers said: “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.
“This achievement demonstrates what can be accomplished through strong partnerships, disciplined project development and long-term investment in Germany’s energy future. With all key project components now in place, we are entering construction with confidence and a clear focus on successful execution.”
In 2025, Skyborn finalised the key supply and installation packages for Gennaker, covering the foundations, the inter-array cable network and the wind turbine generators.
Delivery and offshore works have been awarded to a consortium of partners: Boskalis, Dajin Heavy Industry, EEW Special Pipe Constructions (Rostock), Fred. Olsen Windcarrier, Seaway 7, Siemens Gamesa Renewable Energy and TKF.
Later in the year, the project obtained its construction and operating permit from Mecklenburg-Western Pomerania’s State Office for Agriculture and Environment, giving it the regulatory approval needed to progress towards execution.
In 2026, Skyborn also enhanced Gennaker’s commercial outlook by securing long-term PPAs with major offtakers including Amazon for 600MW and Uniper for 100MW.
“Skyborn secures more than $3.5bn to build 976.5MW Gennaker Wind Farm” was originally created and published by Power Technology, a GlobalData owned brand.
