Skyborn Renewables has reached financial close for its Gennaker offshore wind farm — a project of up to 976.5 MW in the German Baltic Sea — developed with partner Stadtwerke München.
The project has secured a €2.1 billion non-recourse financing package from a consortium of 16 commercial lenders and the European Investment Bank (EIB), the EIB informed on Friday.
Non-recourse financing means lenders rely primarily on the project’s revenues and assets for repayment, rather than the broader balance sheet of the developer.
Skyborn said financial close confirms key agreements and financing are in place, including debt and equity funding, power purchase agreements and major supply and installation contracts.
The wind farm is due to enter its execution phase, with commercial operations expected by the end of 2028.
Gennaker is expected to deliver electricity to around 1 million households in Germany once operational, and is set to mobilise more than €3 billion of investment.
Power purchase deals and equity partner
Skyborn said it signed long-term power purchase agreements in 2026 with energy buyers including Amazon for 600 MW and Uniper for 100 MW.
Stadtwerke München has joined the project as a strategic equity partner with a 25% stake.
The wind farm is located about 15 kilometres north of the Fischland-Darß-Zingst peninsula, according to the statement.
Skyborn said the project has been developed from greenfield — meaning on an undeveloped site — and the company will lead construction management and long-term asset management.
The EIB said its financing is backed by a European Union guarantee.
