InCommodities Moves Into Offshore Wind With Nordergründe PPA, Marking First Deal Beyond Onshore Portfolio

Skyborn Renewables and InCommodities Asset Management have signed a power purchase agreement for the Nordergründe offshore wind farm in Germany's North Sea, the two companies announced on September 24, 2026.

For InCommodities, the contract represents a significant shift: the Danish firm has built its European renewables asset management platform entirely on onshore wind and solar since signing its first German portfolio in 2022, and Nordergründe marks its first venture into offshore technology.

A Single Contract Covering Offtake, Origin Guarantees, and Balancing

The agreement gives InCommodities Asset Management responsibility for offtaking the power and Guarantees of Origin produced by Nordergründe, while also providing balancing services for the asset. Rather than separating these functions across multiple contracts, the arrangement packages power offtake, Guarantees of Origin, and balancing into one agreement, which the parties say was shaped through close dialogue and structured specifically around Nordergründe's characteristics.

Andreas Juul Jensen, Chief Commercial Officer at InCommodities Asset Management, called the transaction a milestone for his organization. "We are very proud to sign our first offshore wind deal with Skyborn Renewables as our partner. It covers power offtake, GoOs and balancing in one agreement, structured around Nordergründe in close dialogue with Skyborn Renewables. That is how we work with every asset owner, regardless of technology," Jensen said.

Christian Zaum, Chief Financial Officer of Skyborn Renewables, framed the deal in the context of how offshore wind assets change as they age. "As offshore wind assets mature, maximising long-term value increasingly depends not only on operational performance, but also on having the right commercial framework in place," Zaum said. "Skyborn has recently taken full ownership of Nordergründe, the project has been generating renewable electricity for almost a decade, and this agreement provides an important foundation for its continued success."

Nordergründe's History and Operating Profile

Nordergründe sits approximately 13 kilometres off the coast of Lower Saxony in the German North Sea. The farm comprises 18 Senvion 6.2M126 turbines with a combined installed capacity of 110.7 megawatts and has been generating electricity since 2017. It is operated by Skyborn Deutschland and produces enough renewable power to supply approximately 90,000 households each year. The project carries a particular distinction in the history of German offshore wind development.

Nordergründe was the first German offshore wind project in which all major components were supplied and installed by domestic manufacturers, a detail that remains a point of reference in how the asset is described by Skyborn and others in the industry. Skyborn assumed sole ownership of Nordergründe in 2026. The PPA with InCommodities is the first significant commercial agreement the company has entered into for the farm since taking on full ownership and long-term management responsibility.

InCommodities' Platform and Expansion Strategy

InCommodities Asset Management operates as the dedicated European renewables asset management arm of InCommodities, which is headquartered in Aarhus, Denmark. The group entered renewables asset management in 2022 with its first German portfolio and has since grown into Nordic markets as well. As of the announcement, InCommodities Asset Management manages a technology-diversified portfolio totalling 2,059 megawatts under contract in Germany.

The Nordergründe agreement is the first transaction through which InCommodities has extended its platform beyond onshore wind and solar. The company describes its commercial model as centered on structuring Balancing Agreements, Fixed Price Agreements, and Guarantees of Origin offtake arrangements that it says make renewable energy projects bankable. InCommodities Asset Management states it operates with an automated, AI-driven platform and is capable of reaching board-level decisions within days.

For both parties, the contract also initiates what Skyborn described as a longer-term working relationship between the two organizations on the Nordergründe asset going forward.

Skyborn Renewables: Ownership and Scale

Skyborn Renewables is headquartered in Germany and describes itself as an offshore wind infrastructure platform with more than 25 years of experience. The company is active across development, construction, ownership, and operation of offshore wind assets in 10 countries spanning Europe, Asia-Pacific, and the Americas. Skyborn currently has 1.4 gigawatts of offshore wind capacity in operation and an additional 2.1 gigawatts under construction.

Skyborn is a portfolio company of Global Infrastructure Partners, a New York-based infrastructure investor that operates as part of BlackRock. With Nordergründe now nearly a decade into its operational life and under Skyborn's sole ownership, the PPA with InCommodities establishes a structured commercial arrangement for the asset as it moves deeper into its long-term operating phase.