EBRD backs landmark wind power project in North Macedonia

• Up to €42 million for North Macedonia’s first private, utility-scale wind project without state support
• Long-term corporate power purchase agreement to ensure stable revenues while integrating into the country’s liberalised electricity market
• Wind farm will boost renewables, cut CO₂ emissions and support transition away from coal

The European Bank for Reconstruction and Development (EBRD) is supporting the development of a major wind power project in North Macedonia – the country’s first large, privately funded wind project without state support and a significant step in the shift towards a low-carbon energy system.

The Bank is providing up to €42 million in senior financing to STP WIND – a project company owned by Alcazar Energy Partners II – as part of a broader financing package involving international partners.

The investment will support the first phase of the Štip wind power plant, which will have an installed capacity of 131 MW.

The project is underpinned by a long-term corporate renewable energy agreement with a leading international offtaker, ensuring price stability while allowing participation in the liberalised electricity market.

Once operational, the wind farm is expected to generate significant volumes of renewable electricity annually, reducing greenhouse gas emissions and gradually replacing ageing coal-fired generation.

When fully developed, the broader Štip complex is expected to become one of the largest renewable energy assets in the country, making a meaningful contribution to energy security and sustainability.

The project is fully aligned with the EBRD’s green transition objectives and supports North Macedonia’s decarbonisation ambitions under its national energy and climate framework.

Harry Boyd-Carpenter, EBRD Managing Director for Sustainable Infrastructure, said: “The successful financial close of the 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 by exploiting its abundant wind resources, while also supporting its decarbonisation objectives. We’re also delighted to support Alcazar Energy on its first investment in the Western Balkans, mobilising private capital to build a more resilient energy future for the country and the wider region.”

Daniel Calderon, co-founder and managing partner of Alcazar Energy, said: “The EBRD has supported some of Alcazar Energy’s earliest projects, and we are grateful for its continued partnership as both investor and lender. Delivering the first-of-a-kind, large-scale project in a country brings significant challenges, but having a partner committed to overcoming them makes all the difference. Štip embodies that partnership, and we look forward to delivering many more projects together in North Macedonia and beyond.”

In addition to its climate impact, the project will include initiatives to support local communities and skills development, with a focus on inclusion.

The EBRD is a leading institutional investor in North Macedonia, with a strong track record of supporting renewable energy, sustainable infrastructure and private-sector development.