BlackRock-backed offshore wind farm secures .4 billion to power a million German homes

Skyborn Renewables, an offshore wind developer backed by BlackRock, has reached financial close on the Gennaker offshore wind farm in the German Baltic Sea, securing 2.1 billion euros, or about $2.4 billion, to fund its construction. Located about 15 kilometers off Germany's Fischland-Darss-Zingst peninsula, the 976.5-megawatt project will be the largest offshore wind farm in the German Baltic Sea once complete, expected by the end of 2028, and is projected to supply electricity to roughly one million German households.

The financing came from a consortium of 16 commercial lenders, a grant from the European Investment Bank, and equity partner Stadtwerke Munchen, which took a 25% stake in the project. Skyborn has already signed a 600-megawatt long-term power purchase agreement with Amazon, the largest such deal ever signed in Germany, and a separate 100-megawatt agreement with the energy company Uniper.

"This achievement demonstrates what can be accomplished through strong partnerships, disciplined project development and long-term investment in Germany's energy future," said Skyborn Chief Executive Patrick Lammers. Nicola Beer, vice president of the European Investment Bank, said the project would help Germany "produce more of its own power and lower dependence on imported energy... helping to bring down energy bills."

Based on reporting by Kenny Fisher for ESG Today. Read the original: https://www.esgtoday.com/blackrocks-skyborn-renewables-secures-over-2-4-billion-for-major-german-offshore-windfarm/