Stadtwerke München Acquires 25% Stake in 976.5 MW Gennaker Offshore Wind Project in German Baltic Sea
Stadtwerke München has agreed to acquire a 25% equity stake in Skyborn Renewables' Gennaker offshore wind project in the German Baltic Sea, set to become the country's largest offshore wind farm at up to 976.5 MW. The project recently secured a long-term corporate PPA with Amazon, with construction financing expected to close in Q3 2026.
Transaction date: · Source: skybornrenewables.com
Key facts
- Transaction date
- Technology
- Offshore Wind
- Capacity
- 976 MW
- Transaction price
- Not disclosed
- Buyer
- Stadtwerke München
- Seller
- Skyborn Renewables
- Country
- Germany
- Region
- German Baltic Sea
- Location
- Approximately 15 km north of the Fischland-Darß-Zingst peninsula, German Baltic Sea
- Continent
- Europe
- Development status
- Under Development
- PPA
- Yes
Technology details
Offshore wind project with a planned capacity of up to 976.5 MW, set to become the largest offshore wind farm in the German Baltic Sea. Once operational, expected to power approximately one million households annually. Developed by Skyborn since 2011. Transaction subject to customary approvals and successful closing of construction financing, expected in Q3 2026.
Power purchase agreement (PPA)
Long-term corporate Power Purchase Agreement (PPA) secured with Amazon shortly before this transaction, underpinning the project's commercial viability and progression toward construction.
Additional information
SWM acquires a 25% equity interest; Skyborn retains the remaining 75%. The project recently secured a long-term corporate PPA with Amazon, underpinning its commercial viability ahead of construction. Skyborn is a portfolio company of Global Infrastructure Partners (GIP), part of BlackRock. SWM has approximately 12,000 employees and annual revenue of €6.3 billion, and is a municipal subsidiary of the City of Munich.
Source
Original announcement: https://www.skybornrenewables.com/articles/newsroom/Gennaker-SWM