Stadtwerke München Buying 25 Pct Stake in Gennaker Offshore Wind Farm

Skyborn Renewables has agreed to sell a 25 per cent stake in its 976.5 MW Gennaker offshore wind project in Germany to Stadtwerke München (SWM).

The transaction, announced on 22 June, remains subject to customary approvals and the successful close of construction financing, which is expected in the third quarter of 2026. Construction is planned to start following financial close.

The Gennaker project, which received its construction permit in December 2025, represents an investment of around EUR 3 billion.  

SWM’s stake acquisition comes days after Skyborn secured a 600 MW corporate power purchase agreement (PPA) with Amazon, described by the companies as the largest single PPA signed in Germany. The agreement covers approximately 61 per cent of Gennaker’s planned generation capacity and is expected to support the project’s financing and progression into construction.

Skyborn said the entry of SWM as an equity partner marks an important milestone for the project.

“This partnership is an important step for Gennaker as we move toward construction, and it reflects the shared ambition of both companies to help deliver large-scale offshore wind capacity in Germany”, said Patrick Lammer, Chief Executive Officer of Skyborn Renewables.  

Located in the German Baltic Sea, around 15 kilometres north of the Fischland-Darß-Zingst peninsula in Mecklenburg-Western Pomerania, the Gennaker offshore wind farm will comprise 63 Siemens Gamesa turbines rated at 15 MW each.

Once operational in 2028, Gennaker is expected to generate enough electricity to power the equivalent of more than one million German households annually.

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