On 9 September 2026, Alcazar Energy Partners (AEP) announced the successful financial close of the Štip Wind Farm, marking a significant milestone in North Macedonia’s renewable energy landscape. This project, with a total investment of EUR 180 million, is poised to become the largest wind energy initiative in the country and is backed by prominent financial institutions including the European Bank for Reconstruction and Development (EBRD), the International Finance Corporation (IFC), and Erste Group Bank AG.
Project Overview
The Štip Wind Farm will feature a total installed capacity of 131.25 MW, comprising twenty-one 6.25 MW wind turbines. This ambitious project is the first of three phases planned within the same cluster, which aims to significantly increase North Macedonia’s wind energy capacity. Once fully operational, the wind farm is expected to generate enough clean energy to power over 148,000 households annually and will contribute to a reduction of approximately 573,000 tonnes of CO₂-equivalent emissions each year.
Financing and Economic Impact
AEP has secured a senior debt financing package exceeding EUR 115 million, which includes contributions from EBRD, IFC, and Erste Group, along with a local VAT facility from Sparkasse Bank AD Skopje. This financial backing not only underscores the confidence of institutional investors in North Macedonia’s energy sector but also highlights the project’s potential to stimulate economic growth in the region. During the construction and operational phases, the project is expected to create over 300 jobs, providing a significant boost to local communities.
Strategic Importance for North Macedonia
The Štip Wind Farm is a critical component of North Macedonia’s Just Energy Transition Investment Platform, which was launched at COP28. This initiative aims to support the country’s transition away from coal-fired power generation and align its energy policies with European Union standards as it progresses towards EU accession. The project is expected to play a pivotal role in enhancing North Macedonia’s energy security by harnessing its abundant wind resources.
Statements from Key Stakeholders
Daniel Calderon, Co-Founder and Managing Partner of Alcazar Energy Partners, expressed gratitude towards the Government of North Macedonia for their support and collaboration, stating, “This shared achievement allows us to mobilise our investments with confidence, deliver clean, affordable electricity, and create jobs. The people of North Macedonia have welcomed us with exceptional warmth and hospitality. We look forward to deepening these relationships and strengthening our commitment to North Macedonia in the years ahead.”
Harry Boyd-Carpenter, EBRD Sustainable Infrastructure Managing Director, remarked on the significance of the project, noting, “The successful financial close of Štip Wind Farm is a great step forward for both North Macedonia’s energy transition and our longstanding partner Alcazar Energy. The project will increase domestic renewable energy generation and strengthen North Macedonia’s energy security while supporting its decarbonisation objectives.”
Wiebke Schloemer, IFC Director for the Western Balkans and South Caucasus, highlighted the project’s role in enhancing economic competitiveness, stating, “As the largest renewable energy project in the Western Balkans, this investment will strengthen North Macedonia’s energy security and help mobilise private investment. It will also help meet the rising electricity needs of a modern economy increasingly powered by digital technologies and data centers.”
Markus Kriegler, Head of Group Corporates at Erste Group Bank AG, expressed pride in supporting the project, saying, “This investment is a cornerstone for North Macedonia’s green transition, significantly boosting domestic clean energy production and regional energy security. We are grateful for the excellent cooperation with the sponsor and look forward to partnering on future projects.”
Future Prospects
The Štip Wind Farm is set to be fully operational by 2028, and its successful implementation will pave the way for the subsequent phases of the project, which aim to achieve a total installed capacity of up to 396 MW across the municipalities of Karbinci, Radoviš, and Štip. This expansion will more than quadruple North Macedonia’s current installed wind capacity, positioning the country as a significant player in the renewable energy sector within the Western Balkans.
As North Macedonia continues its journey towards EU integration, projects like the Štip Wind Farm are crucial in demonstrating the country’s commitment to sustainable energy practices and its potential to become a regional clean energy hub. The collaboration between Alcazar Energy Partners and local stakeholders exemplifies the importance of private investment in driving the transition to a greener economy.
This article was submitted via the World of Renewables press desk.
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