Baltic Wind Farm Secures Financing to Power Around One Million German Homes

Financial close means the project’s debt and equity funding, electricity sales agreements, partnerships and major supply and installation contracts are in place and effective.

A major offshore wind project in Germany's Baltic Sea has secured the financing and agreements needed to move into construction, bringing a new source of domestic renewable electricity closer to operation. Skyborn Renewables and its partner Stadtwerke München (SWM) have reached financial close for Gennaker, a wind farm with planned capacity of up to 976.5 megawatts that is expected to supply enough green electricity for around one million German households once fully operational by the end of 2028.

Financial close means the project's debt and equity funding, electricity sales agreements, partnerships and major supply and installation contracts are in place and effective. For the people and companies involved, it marks the point when years of development and preparation turn into the practical work of delivering the wind farm, with Skyborn chief executive Patrick Lammers describing committed lenders, customers, suppliers and shareholders as the foundation for construction.

Contracts and Permits Clear the Path to Construction

Gennaker will be located approximately 15 kilometres north of the Fischland-Darß-Zingst peninsula, off the coast of Mecklenburg-Western Pomerania. Its progress follows a series of milestones in 2025, when Skyborn secured the major contracts covering foundations, the cables connecting turbines within the wind farm, and wind turbine generators, giving the project the industrial support needed to move towards installation.

The contractors include Rostock-based EEW Special Pipe Constructions, Dajin Heavy Industry, Siemens Gamesa Renewable Energy, Fred. Olsen Windcarrier, Seaway 7, Boskalis and TKF. Later in 2025, the State Office for Agriculture and Environment in Mecklenburg-Western Pomerania granted Gennaker its construction and operations permit, providing the regulatory certainty needed to advance a project developed over many years with regional stakeholders.

Electricity Buyers and Munich Partner Strengthen the Project

Long-term electricity sales agreements signed in 2026 have helped secure future revenues, with Amazon contracting 600 MW and Uniper 100 MW through power purchase agreements. These arrangements cover a substantial share of Gennaker's future electricity production, giving the project a stronger commercial foundation as spending shifts from development towards construction and delivery.

SWM has acquired a 25% stake as a strategic equity partner, adding Gennaker to its growing renewable energy portfolio. Chief executive Florian Bieberbach said the investment would significantly increase the utility's renewable generation capacity and support its commitment to generating enough renewable electricity to match Munich's total power consumption, a task expected to become more demanding as electricity use rises. Regional generation remains central to SWM's strategy, with projects beyond its home market contributing to that wider effort.

More Domestic Power and Work for Coastal Communities

The European Investment Bank is providing financing backed by a European Union guarantee, supporting a project that could help Germany reduce its dependence on imported energy. EIB Vice-President Nicola Beer highlighted the Baltic coast's strong winds and the potential for Gennaker to contribute to more secure electricity supplies, support skilled employment and strengthen local businesses, while identifying lower energy bills as a potential benefit of the clean-energy transition.

For Mecklenburg-Western Pomerania, the wind farm is expected to bring lasting economic activity through investment, jobs and supply-chain demand, with state economics minister Wolfgang Blank describing financial close as a strong signal for the region's position as an energy hub. Skyborn, which has developed Gennaker from its earliest stages, now faces the task of turning its financing, permits and commercial agreements into an operating wind farm that delivers electricity on the planned schedule.