Skyborn Renewables (offshore wind infrastructure platform) and Stadtwerke München (Germany’s largest municipal infrastructure and energy company) have announced a strategic partnership for the development and construction of the Gennaker offshore wind project in the German Baltic Sea, with the Munich-based municipal utility set to acquire a 25% equity stake in what is planned to become the largest offshore wind farm in the German Baltic Sea.

Deal Structure and Timeline

Under the terms of the agreement announced on June 22, 2026, Stadtwerke München will acquire a 25% equity interest in Gennaker. The execution of the transaction remains subject to customary regulatory approvals and the successful closing of construction financing, which is expected to be completed during the third quarter of 2026. Skyborn retains the remaining equity in the project as it advances toward the construction phase.

The partnership is described by both parties as a key milestone in the progression of Gennaker, which has been in development by Skyborn since 2011. The project is located approximately 15 kilometres north of the Fischland-Darß-Zingst peninsula in the German Baltic Sea.

Project Scale and Ambitions

Gennaker is planned to have a generating capacity of up to 976.5 MW, which would make it the largest offshore wind farm in the German Baltic Sea. Once operational, the project is expected to produce enough renewable electricity to supply approximately one million households annually.

Skyborn describes Gennaker as its flagship blueprint project, intended to demonstrate the company's capabilities across the full offshore wind value chain, from greenfield development and project engineering through to procurement, financing, construction management and long-term asset management.

Commercial Underpinning and PPA Support

The announcement follows the recent securing of a long-term corporate power purchase agreement with Amazon, which Skyborn says further underpins the project's commercial viability and plays a key role in enabling its progression toward construction.

The Amazon agreement was described in the announcement as having been finalised the week prior to the partnership announcement with Stadtwerke München.

The combination of equity partnership and secured long-term offtake agreements is central to the financing strategy as Gennaker moves toward the close of its construction financing in the third quarter of this year.

Strategic Rationale for Both Partners

Patrick Lammer, Chief Executive Officer of Skyborn Renewables, said that Stadtwerke München brings a clear long-term commitment to the energy transition and described the partnership as an important step for Gennaker as the project moves toward construction. He characterised the deal as reflecting the shared ambition of both companies to deliver large-scale offshore wind capacity in Germany.

Dr. Florian Bieberbach, Chief Executive Officer of Stadtwerke München, said the Gennaker project strengthens SWM's commitment to renewable energy and expands its offshore wind portfolio in what he described as an important strategic market.

He pointed to growing energy demand driven by increasing electrification in mobility and heating as part of the rationale for the investment, and described Gennaker as another milestone toward the company's renewable energy goals.

About the Partners

Skyborn Renewables is an offshore wind infrastructure platform headquartered in Germany with more than 25 years of experience in the sector. The company is a portfolio company of Global Infrastructure Partners, a New York-based infrastructure investor that is part of BlackRock.

Stadtwerke München is one of Germany's largest energy and infrastructure companies, with approximately 12,000 employees and annual revenue of 6.3 billion euros. It is a municipal subsidiary of the City of Munich and operates across a broad range of public services, including the supply of electricity, natural gas, district heating and district cooling, as well as urban mobility services covering underground rail, bus and tram networks.

The company also provides telecommunications services, drinking water sourced from the Bavarian Alpine foothills, and operates public swimming facilities in Munich and the surrounding region.

Germany's Offshore Wind Expansion

The Gennaker partnership fits within the broader context of Germany's efforts to expand its offshore wind capacity as part of its energy transition strategy. Both companies framed the agreement explicitly in terms of supporting Germany's decarbonisation goals and strengthening the country's energy security.

Skyborn's development of the project dates back to 2011, making Gennaker one of the longer-gestating offshore wind developments in the German pipeline, and its move into the construction phase represents a significant step in delivering large-scale renewable infrastructure in the Baltic Sea region.

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