Skyborn Renewables, the German offshore wind developer owned by BlackRock’s Global Infrastructure Partners (GIP), has sold a 25% equity stake in the Gennaker offshore wind farm in the German Baltic Sea to Stadtwerke München, according to a company announcement. The deal marks a key step forward for one of Germany’s largest renewable energy infrastructure projects.
Deal Terms and Timeline
The transaction is subject to customary regulatory approvals, and the successful closing of construction financing is expected in the third quarter of 2026, Skyborn stated. Execution remains conditional on these milestones. Financial terms were not disclosed, but the stake sale brings in a major municipal utility partner as the project moves toward construction.
Project Scale and Location
Gennaker will add up to 976.5 MW of new offshore wind capacity to Germany’s electricity system, making it the largest offshore wind farm in the German Baltic Sea upon completion. The wind farm will be located approximately 15 km north of the Fischland-Darß-Zingst peninsula in the state of Mecklenburg-Western Pomerania. It is expected to generate enough renewable electricity to power approximately 1 million homes annually, according to Skyborn.
| Metric | Detail |
|---|---|
| Capacity | 976.5 MW |
| Location | ~15 km north of Fischland-Darß-Zingst peninsula, Baltic Sea |
| Homes powered | ~1 million annually |
| Developer | Skyborn Renewables (BlackRock/GIP) |
| New partner | Stadtwerke München (25% stake) |
Strategic Rationale and Commercial Backing
According to Skyborn, the partnership with Stadtwerke München will support Gennaker’s transition into its next phase toward construction. The collaboration brings together a global infrastructure investor and a German municipal utility, aligning with national renewable energy targets.
Last week, the wind farm secured a long-term 600 MW power purchase agreement (PPA) with Amazon, which further underpins the project’s commercial viability and plays a key role in enabling its progression toward construction, the company said.
Executive Commentary
“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, CEO of Skyborn Renewables.
Next Milestones
All parties are working toward obtaining the required regulatory clearances and finalising construction financing, with a targeted closing in Q3 2026. The project is expected to contribute significantly to Germany’s offshore wind expansion goals under the national energy transition strategy.
Sources:
