Skyborn Renewables has reached financial close on the Gennaker offshore wind farm in Germany’s Baltic Sea. The project has secured €2.1 billion in non-recourse financing from 16 commercial lenders and the European Investment Bank.
Gennaker will have a capacity of up to 976.5 MW and represents an investment of more than €3 billion. The project is located about 15 km north of the Fischland-Darß-Zingst peninsula in Mecklenburg-Western Pomerania.
Following financial close, the project’s debt and equity financing arrangements, power purchase agreements, strategic partnerships, and major supply and installation contracts are now effective.
Skyborn Renewables is developing Gennaker with Stadtwerke München, which holds a 25% stake in the project. Commercial operation is planned by the end of 2028.
Once operational, Gennaker is expected to generate enough electricity to meet the annual consumption of around 1 million households in Germany.
The project received its construction and operations permit from the State Office for Agriculture and Environment in Mecklenburg-Western Pomerania in 2025.
Gennaker is also expected to support employment and supply-chain activity in Mecklenburg-Western Pomerania during its development and operation.
