Skyborn Completes €2.1 Billion Financing for Germany's Gennaker Offshore Wind Project

en.Wedoany.com Reported - On September 11, Skyborn Renewables announced that the Gennaker offshore wind project, jointly developed with Stadtwerke München (SWM), has reached financial close. The project secured €2.1 billion in non-recourse financing from a lender group comprising 16 commercial banks and the European Investment Bank, with total investment exceeding €3 billion, allowing the project to enter the construction execution phase.

Gennaker is located in the Baltic Sea approximately 15 kilometers north of the Fischland-Darß-Zingst peninsula in Mecklenburg-Vorpommern, Germany, with a planned installed capacity of up to 976.5 MW, and will install 63 Siemens Gamesa offshore wind turbines. The project obtained construction and operation permits in December 2025 and is scheduled to enter full commercial operation by the end of 2028, with an expected annual power generation of approximately 3.8 TWh.

This financial close covers project debt and equity financing, power purchase agreements, strategic equity partnerships, and major equipment supply and installation contracts. SWM has previously agreed to acquire a 25% stake in the Gennaker project, with the transaction subject to conditions including the completion of project construction financing. Skyborn is responsible for project construction management and will continue to undertake long-term asset management after commissioning.

The project has secured its main power sales arrangements. On June 19, Skyborn signed a 600 MW long-term power purchase agreement with Amazon, accounting for approximately 61% of Gennaker's planned capacity; on June 26, it signed a 100 MW long-term power purchase agreement with Uniper, with the contract scheduled to commence after commercial operation, with an initial term of 10 years and an extension option.

Major equipment and offshore engineering contracts have also been finalized. Siemens Gamesa will supply 63 SG 14-236 units and undertake long-term maintenance; EEW SPC is responsible for manufacturing 63 monopile foundations, with each monopile up to 54.1 meters long, 7.5 meters in top diameter, and weighing up to 877 tonnes; Dajin Heavy Industry is responsible for manufacturing 63 transition pieces; Seaway7 is responsible for foundation transport and installation; the Boskalis and TKF consortium is responsible for the supply and installation of approximately 140 kilometers of inter-array cables.

The 63 monopiles will be manufactured in Rostock, Germany, while the transition pieces will be manufactured in Penglai, China, with subsequent work completed in Odense, Denmark. Offshore turbine transport and installation will be handled by Fred. Olsen Windcarrier, with offshore installation of the 63 units planned for 2028. Grid connection will be handled by 50Hertz, and a long-term operations and maintenance base will also be established in Rostock-Warnemünde after Gennaker is commissioned.