Financial Close Achieved for 976.5 MW Offshore Wind Farm in Germany

Skyborn Renewables (Skyborn) announced the successful achievement of Financial Close for Gennaker, its flagship offshore wind farm of up to 976.5 MW in the German Baltic Sea, developed alongside its partner Stadtwerke München (SWM).

Financial Close confirms that all key project agreements and financing arrangements are now in place and effective, including debt and equity financing, power purchase agreements, strategic partnerships and major supply and installation contracts. With all critical project agreements secured, Gennaker is now entering its execution phase and once fully operational by the end of 2028, will deliver green electricity to around 1 million households in Germany.

The project has secured a comprehensive €2.1 billion (US$2.41 billion) non-recourse financing package from a consortium of 16 commercial lenders and the European Investment Bank (EIB), underscoring the project’s strong fundamentals, robust contractual framework and long-term value proposition.

In 2025, Skyborn secured all major supply and installation contracts for Gennaker’s foundations, inner array grid cable system and wind turbine generators. The project collaborated with established contractors, including Rostock-based EEW Special Pipe Constructions, Dajin Heavy Industry, Siemens Gamesa Renewable Energy, Fred. Olsen Windcarrier, Seaway 7, Boskalis and TKF. Later that year, Gennaker received its construction and operations permit from the State Office for Agriculture and Environment in Mecklenburg-Western Pomerania, providing the regulatory certainty required to move toward execution.

Skyborn further strengthened the project's commercial position in 2026 through long-term power purchase agreements with leading energy buyers, including Amazon (600 MW) and Uniper (100 MW). These agreements secure a substantial share of the project's future electricity production through contracted revenues. Most recently, Stadtwerke München joined the project as a strategic equity partner, acquiring a 25% stake and reinforcing Gennaker's long-term ownership structure.