Skyborn Renewables secures €3bn+ for Gennaker offshore wind farm

Skyborn Renewables has reached financial close for the Gennaker offshore wind farm in Germany’s Baltic Sea. The project involves a total investment exceeding €3 billion, including a €2.1 billion non-recourse financing package provided by the European Investment Bank and a consortium of 16 commercial lenders.

The 976.5 MW wind farm, located approximately 15 kilometers north of the Fischland-Darß-Zingst peninsula, is expected to become the largest offshore wind installation in the Baltic Sea region. It will feature 63 turbines projected to generate roughly 3.8 terawatt-hours of electricity annually, enough to power approximately one million households.

Strategic partnerships and power purchase agreements (PPAs) are already in place to mitigate risk. Amazon has secured 600 MW and Uniper has secured 100 MW through PPAs. Additionally, the German municipal utility Stadtwerke München has acquired a 25 percent stake in the project. Commercial operations are targeted to begin by the end of 2028.