Issuer: Skyborn Renewables GmbH
/ Key word(s): Financing/Investment
Skyborn reaches Financial Close on the Gennaker offshore wind farm project (news with additional features)
11.09.2026 / 11:43 CET/CEST
The issuer is solely responsible for the content of this announcement.
Skyborn reaches Financial Close on the Gennaker offshore wind farm project
Skyborn achieves Financial Close for the Gennaker offshore wind farm (up to 976.5 MW), marking a major milestone for the largest project in the German Baltic Sea.
The project has secured a comprehensive €2.1 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.
Mobilising more than €3 billion of investment, Gennaker is on track for commercial operations by the end of 2028, delivering clean energy to around 1 million households and supporting the regional Mecklenburg-Western Pomerania economy.
The project has been developed from greenfield by the Skyborn team, who will now lead construction management and long-term asset management.
Skyborn Renewables (Skyborn) today announces 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.
Patrick Lammers, Chief Executive Officer of Skyborn Renewables, 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.”
Nicola Beer, Vice-President of the European Investment Bank (EIB), said:
“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, helping to bring down energy bills from Schwerin to Munich. It will create and sustain skilled jobs in the region, supporting local companies and communities for years to come. With financing from the EIB and the European Union guarantee, Gennaker proves that the shift to clean energy can mean cheaper, more secure power for families and stronger local economies.”
Dr. Florian Bieberbach, Chief Executive Officer of Stadtwerke München, explained:
“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. As electricity demand is expected to rise substantially in the years ahead, we remain committed to further expanding our renewable energy portfolio. While regional generation remains at the core of our strategy, we also seize compelling opportunities beyond our home market whenever they arise, as is the case with Gennaker.”
A major milestone built on a series of achievements
Over recent years, a series of commercial, regulatory and partnership milestones have progressively strengthened Gennaker's path toward construction and operation.
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.
Strengthening Germany's energy security and economic growth
Dr. Wolfgang Blank, Minister of Economics, Infrastructure, Tourism and Labour of the State of Mecklenburg-Western Pomerania, said:
"The Gennaker offshore wind farm is a key energy project for Mecklenburg-Western Pomerania and Germany. I am delighted that this forward-looking project off our coast has reached a further important milestone with the achievement of Financial Close. This is a strong signal for Mecklenburg-Western Pomerania as an energy hub and for offshore wind energy in the Baltic and North Seas."
Located approximately 15 kilometres north of the Fischland-Darß-Zingst peninsula, Gennaker is expected to generate significant long-term economic value through investment, employment and supply chain activity.
Developed over many years in close collaboration with regional stakeholders, the project reflects Skyborn's long-term commitment to Mecklenburg-Western Pomerania and its role as a key location for Germany's offshore wind industry.
From development to delivery
Gennaker is Skyborn's flagship development project, and a showcase of the company's integrated offshore wind infrastructure platform model. Fully developed by Skyborn from its earliest stages, the project demonstrates the company's end-to-end capabilities across the offshore wind value chain - from development and permitting to financing, construction and long-term operations.
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Contact Person
Bénédicte Bergeaud
Senior Director of Global Corporate Affairs
+33 688946817
...
About Skyborn Renewables
Skyborn is an accomplished offshore wind infrastructure platform with more than 25 years of experience, headquartered in Germany. The company's capabilities cover the entire offshore wind value chain, from developing and building to owning and operating offshore wind assets.
Active across 10 countries in Europe, Asia-Pacific, and the Americas, Skyborn has 1.4 GW of offshore wind capacity in operation and 2.1 GW under construction. Since 2026, Skyborn has been the sole owner of the Nordergründe offshore wind farm in Germany and is responsible for its long-term management and operation.
Skyborn is a portfolio company of New York-based Global Infrastructure Partners (GIP), a leading infrastructure investor and part of BlackRock.
Additional features:
File: Financial Close_Skyborn_Infographic
File: Gennaker_Mood_Strand_Darß
File: Gennaker Factsheer_A4
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