Skyborn locks in €2.1B to build one of Germany's largest offshore wind farms
What's the deal? Skyborn RenewablesDealroom has a profile for this one. Try Dealroom → has reached financial close on the Gennaker offshore wind farm, securing a €2.1 billion financing package — roughly $2.4 billion — for one of Germany's largest new renewable energy projects. The Baltic Sea project will carry up to 976.5MW of capacity and mobilise more than €3 billion in total investment.
Who's funding it? The financing comes from 16 commercial lenders and the European Investment Bank, which previously approved up to €700 million toward the project's estimated €3.1 billion cost.
Why it matters for BlackRock: Skyborn is a portfolio company of Global Infrastructure PartnersDealroom has a profile for this one. Try Dealroom →, part of BlackRock since it completed its acquisition in October 2024. Stadtwerke MünchenDealroom has a profile for this one. Try Dealroom → holds a 25% equity stake, leaving Skyborn with 75%.
What's the endgame? Located about 15 kilometers north of the Fischland-Darß-Zingst peninsula, Gennaker will become the largest offshore wind farm in Germany's Baltic Sea. It aims to power about 1 million German households, with commercial operations starting by the end of 2028.
Why now? Financial close puts major financing, supply, power sales, and ownership agreements in place. Skyborn developed the project from the ground up and will lead construction and long-term asset management, with Siemens GamesaDealroom has a profile for this one. Try Dealroom → supplying the turbines and the construction permit secured in December 2025.
In June, Amazon signed a 600MW power purchase agreement covering about 61% of capacity — described as the largest single PPA ever signed in Germany. UniperDealroom has a profile for this one. Try Dealroom → added a 100MW deal, bringing contracted power to 700MW, or roughly 72% of maximum capacity.
What could go wrong? Offshore development remains difficult. Germany postponed offshore wind auctions originally planned for 2026 until 2027 as part of changes to its development plan.
The signal: Germany is targeting at least 30GW of offshore wind by 2030, 40GW by 2035, and 70GW by 2045. Gennaker's 976.5MW would equal about 3.3% of the 2030 target — a meaningful contribution, but a reminder of how many more large projects the country still needs.
Image credit: Chris
