Record PPA for Offshore Wind Power: Amazon and Skyborn Renewables Sign Germany's Largest Power Purchase Agreement

Munich/Hamburg – Long-term power purchase agreements are increasingly gaining importance as a financing instrument for large offshore wind projects. Amazon and Skyborn Renewables have now signed a Power Purchase Agreement (PPA) for the Baltic Sea wind farm Gennaker – the largest single power purchase contract in Germany to date.

For Amazon, the Gennaker PPA represents the logical next step in building a large portfolio of carbon-free energy in Germany – the company is pursuing its goal of becoming carbon-neutral by 2040 and is already considered Europe's largest commercial buyer of carbon-free energy. For Skyborn Renewables, the long-term offtake guarantee provides the financial foundation to advance its self-developed Gennaker project into the construction phase. In parallel, Stadtwerke München has secured a stake in the project as another prominent partner.

Gennaker to Become the Largest Offshore Wind Farm in the German Baltic Sea

Skyborn Renewables has developed the Baltic Sea offshore wind farm Gennaker from the outset and secured planning approval in December 2025. Construction is planned to begin in summer 2026 following financial close, with commissioning scheduled for late 2028. With up to 976.5 MW, Gennaker will become the highest-capacity offshore wind farm in the German Baltic Sea upon commissioning, making a significant contribution to Germany's target of 30 GW of installed offshore wind capacity by 2030. Adam Thomsen, Chief Development Officer of Skyborn Renewables, emphasized the significance of the agreement: "Gennaker demonstrates how large-scale offshore wind energy can be delivered reliably and at scale."

€3 Billion Investment Strengthens Economy in Mecklenburg-Vorpommern

The project represents a total investment of €3 billion in Mecklenburg-Vorpommern. The monopile foundations will be manufactured by EEW Special Pipe Constructions (EEW SPC) in Rostock, just 40 kilometers from the project site. The company currently employs 1,000 people. Minister-President Manuela Schwesig commented: "Gennaker is the largest energy investment ever made in Mecklenburg-Vorpommern. We need powerful, large-scale offshore wind farms to achieve the energy transition and supply citizens and businesses with environmentally friendly electricity. The power purchase agreement between Skyborn Renewables and Amazon is a very important piece of news for our state."

Amazon Expands Carbon-Free Energy Portfolio in Germany to Over 1.3 GW

The Gennaker PPA is Amazon's largest power purchase agreement in Germany. Together with existing projects, the company's German portfolio now comprises twelve projects with a total capacity of over 1.3 GW. According to BloombergNEF, Amazon is Europe's largest commercial buyer of carbon-free energy and, through the Climate Pledge founded in 2019, is pursuing the goal of achieving carbon neutrality by 2040. Rocco Bräuniger, Country Director of Amazon in Germany, Austria, and Switzerland, stated: "With our largest power purchase agreement in Germany to date, we are giving Skyborn the certainty needed to realize Gennaker – and thereby bring almost one gigawatt of new offshore wind capacity onto the grid."

Stadtwerke München to Acquire 25 Percent Stake in Gennaker

The project receives further backing through the involvement of Stadtwerke München (SWM): the municipal subsidiary of the state capital Munich has reached an agreement with Skyborn Renewables to take a 25 percent stake in the Gennaker wind farm. Once operational, this could enable SWM to generate renewable electricity for hundreds of thousands more households. Completion of the transaction remains subject to customary approvals as well as the successful closing of the construction financing, and is expected in the third quarter of 2026. SWM is thereby continuing its renewable energy expansion drive, having achieved its target of generating – on a nominal basis – as much green electricity as the entire city of Munich consumes, in 2025.

Source: IWR Online, Jun 06 2026