Skyborn reaches financial close on the Gennaker offshore wind farm project

Financial close confirms that all key project agreements and financing arrangements are now in place and effective, including debt and equity financing, power purchase agreements, strategic partnerships, and major supply and installation contracts. With all critical project agreements secured, Gennaker is now entering its execution phase and once fully operational by the end of 2028, will deliver green electricity to around 1 million households in Germany.

Patrick Lammers, CEO of Skyborn Renewables, noted: “Financial close marks the moment when years of development, partnership building, and preparation come together. We have built a strong foundation for the project, with committed lenders, customers, suppliers, and shareholders aligned behind a common vision. This achievement demonstrates what can be accomplished through strong partnerships, disciplined project development, and long-term investment in Germany’s energy future. With all key project components now in place, we are entering construction with confidence and a clear focus on successful execution.”

Nicola Beer, Vice-President of the European Investment Bank (EIB), added: “Gennaker shows Europe turning its clean energy goals into real benefits for people. Built off the coast of Mecklenburg-Western Pomerania, where winds are strong and reliable, this wind farm will help Germany produce more of its own power and lower dependence on imported energy. Once running, it will supply clean electricity to around 1 million homes and businesses across the country, helping to bring down energy bills from Schwerin to Munich. It will create and sustain skilled jobs in the region, supporting local companies and communities for years to come. With financing from the EIB and the EU guaranteed, Gennaker proves that the shift to clean energy can mean cheaper, more secure power for families and stronger local economies.”

Dr. Florian Bieberbach, CEO of Stadtwerke München, explained: “With our investment in the Gennaker wind farm, we are taking another major step forward in the expansion of our renewable energy portfolio. The project will significantly increase our renewable electricity generation capacity. Our aim is to continue generating sufficient renewable electricity to meet Munich’s total power consumption. As electricity demand is expected to rise substantially in the years ahead, we remain committed to further expanding our renewable energy portfolio. While regional generation remains at the core of our strategy, we also seize compelling opportunities beyond our home market whenever they arise, as is the case with Gennaker.”

Over recent years, a series of commercial, regulatory, and partnership milestones have progressively strengthened Gennaker’s path towards construction and operation.

In 2025, Skyborn secured all major supply and installation contracts for Gennaker’s foundations, inner array grid cable system, and wind turbine generators. The project collaborated with established contractors, including Rostock-based, EEW Special Pipe Constructions, Dajin Heavy Industry, Siemens Gamesa Renewable Energy, Fred. Olsen Windcarrier, Seaway 7, Boskalis, and TKF. Later that year, Gennaker received its construction and operations permit from the State Office for Agriculture and Environment in Mecklenburg-Western Pomerania, providing the regulatory certainty required to move towards execution.

Dr. Wolfgang Blank, Minister of Economics, Infrastructure, Tourism, and Labour of the State of Mecklenburg-Western Pomerania, concluded: “The Gennaker offshore wind farm is a key energy project for Mecklenburg-Western Pomerania and Germany. I am delighted that this forward-looking project off our coast has reached a further important milestone with the achievement of financial close. This is a strong signal for Mecklenburg-Western Pomerania as an energy hub and for offshore wind energy in the Baltic and North Seas.”

Located approximately 15 km north of the Fischland-Darß-Zingst peninsula, Gennaker is expected to generate significant long-term economic value through investment, employment, and supply chain activity.

Developed over many years in close collaboration with regional stakeholders, the project reflects Skyborn’s long-term commitment to Mecklenburg-Western Pomerania and its role as a key location for Germany’s offshore wind industry.

Gennaker is Skyborn’s flagship development project, and a showcase of the company’s integrated offshore wind infrastructure platform model. Fully developed by Skyborn from its earliest stages, the project demonstrates the company’s end-to-end capabilities across the offshore wind value chain – from development and permitting to financing, construction, and long-term operations.

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