Skyborn Renewables has reached financial close on Gennaker, a fixed-bottom offshore wind farm of up to 976.5 MW in the German Baltic Sea, the company and the European Investment Bank (EIB) announced on 11 September 2026. The project, developed with Stadtwerke München (SWM) as equity partner, is now entering its execution phase with commercial operation targeted for the end of 2028.
The financing package amounts to €2.1 billion of non-recourse debt from a consortium of 16 commercial lenders and the EIB, with the EIB’s share backed by the European Union guarantee. Total investment mobilised for the project exceeds €3 billion. Financial close means that all key project agreements are in place and effective: debt and equity financing, power purchase agreements, strategic partnerships and the main supply and installation contracts.
Gennaker will consist of 63 turbines located around 15 kilometres north of the Fischland-Darß-Zingst peninsula in Mecklenburg-Western Pomerania. Once fully operational it is expected to supply electricity to around one million German households, making it the largest offshore wind project in the German Baltic Sea.
The close follows a sequence of milestones over the past two years. In 2025 Skyborn contracted foundations, the inner array cable system and turbines with suppliers including Rostock-based EEW Special Pipe Constructions, Dajin Heavy Industry, Siemens Gamesa Renewable Energy, Fred. Olsen Windcarrier, Seaway 7, Boskalis and TKF, and received the construction and operations permit from the Mecklenburg-Western Pomerania State Office for Agriculture and Environment. In 2026 the company signed long-term power purchase agreements with Amazon (600 MW) and Uniper (100 MW), and SWM acquired a 25 per cent stake.
“Financial Close marks the moment when years of development, partnership building and preparation come together,” said Patrick Lammers, Chief Executive Officer of Skyborn Renewables. Nicola Beer, Vice-President of the EIB, said the wind farm “will help Germany produce more of its own power and lower dependence on imported energy”. Florian Bieberbach, Chief Executive Officer of Stadtwerke München, said the investment would significantly increase the utility’s renewable generation capacity, with the aim of covering Munich’s total power consumption from renewable sources.
Wolfgang Blank, Minister of Economics, Infrastructure, Tourism and Labour of Mecklenburg-Western Pomerania, called the close “a strong signal for Mecklenburg-Western Pomerania as an energy hub and for offshore wind energy in the Baltic and North Seas”. Skyborn, which developed the project from greenfield, will lead construction management and long-term asset management.
