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Gennaker Wind Farm Secures Financing to Power One Million Homes

Skyborn Renewables and Stadtwerke München have finalized financing for the 976.5-megawatt Gennaker offshore wind farm, clearing the path to begin construction in the Baltic Sea. The project, slated for completion by 2028, promises to supply enough green electricity to meet the annual needs of one million German households.

Gennaker Wind Farm Secures Financing to Power One Million Homes

Financial close signals the transition from years of development to active construction for the site located 15 kilometres off the Fischland-Darß-Zingst peninsula. With debt, equity, and supply contracts secured, the project now relies on a consortium of industrial partners, including Siemens Gamesa and EEW Special Pipe Constructions, to execute the installation. The State Office for Agriculture and Environment in Mecklenburg-Western Pomerania provided the final regulatory permits earlier in 2025.

Commercial viability rests on long-term power purchase agreements, most notably a 600 MW contract with Amazon and a 100 MW deal with Uniper. Stadtwerke München has bolstered the project’s stability by acquiring a 25% equity stake, aligning the farm with its goal of matching Munich’s total electricity consumption through renewable sources. The European Investment Bank is also backing the venture with financing supported by an EU guarantee.

Economic Impact on the Baltic Coast

Regional stakeholders view the wind farm as a cornerstone for local economic growth. State economics minister Wolfgang Blank noted that the project cements Mecklenburg-Western Pomerania’s status as a critical energy hub. Beyond the immediate construction phase, the farm is expected to generate lasting demand for skilled labor and support local supply chains. EIB Vice-President Nicola Beer emphasized that the project serves a dual purpose: reducing Germany's reliance on imported energy while potentially lowering costs for consumers through a more secure, domestic supply of electricity.

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