Skyborn Renewables has secured more than €3bn in funding to advance the 976.5MW Gennaker offshore wind farm in the German Baltic Sea, allowing the project to progress to the construction phase.
The financing includes €2.1bn in non-recourse funding arranged by a consortium of 16 commercial lenders together with the European Investment Bank (EIB).
Stadtwerke München recently entered the project as a strategic equity partner, purchasing a 25% share and strengthening Gennaker's long-term ownership framework.
The project, positioned approximately 15km north of the Fischland-Darß-Zingst peninsula, is set to become the largest offshore wind installation in the region.
It is expected to generate roughly 3.8TW-hours (TWh) of electricity per year from 63 wind turbines, enough to supply around one million households.