Skyborn reaches financial close for Gennaker offshore windfarm
Skyborn Renewables and partner Stadtwerke München have achieved financial close for the 976.5 MW Gennaker offshore windfarm in the German Baltic Sea, confirming debt and equity, power purchase agreements and major supply and installation contracts. A consortium of 16 commercial lenders and the European Investment Bank provided a comprehensive €2.1 billion non-recourse financing package, while long-term PPAs with Amazon (600 MW) and Uniper (100 MW) secure future revenues. With permits and supplier contracts in place, the project moves into execution and aims to be fully operational by the end of 2028, increasing renewable electricity supply in Germany.
Gennaker secured €2.1 billion non-recourse financing.
Context
Skyborn secured major contracts and permits in 2025. In 2026 it signed long-term power purchase agreements and added Stadtwerke München as an equity partner. Construction will now move ahead toward operation by the end of 2028.
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