English
Construction began today on the 180 million EUR project of a large wind energy farm near Stip. Alcazar Energy Partners is developing the project, backed by the EBRD, IFC, and the Erste Group, represents the first of three phases that will more than quadruple Macedonia’s installed wind energy capacity.
AEP has secured a senior debt financing package exceeding €115 million from the European Bank for Reconstruction and Development (EBRD), the International Finance Corporation (IFC)—a member of the World Bank Group focused on the private sector—and Erste Group Bank AG (Erste), alongside a dedicated local VAT credit line provided by Sparkasse Bank AD Skopje. Representing a total investment of €180 million, the Štip Wind Farm marks a significant milestone for renewable energy financing in the Western Balkans, underscoring strong institutional confidence in Macedonia’s energy sector and its progress toward EU integration.
I therefore take this opportunity to send a strong message to both the investor and the lenders: for us as a Government, supporting this type of “greenfield” investment is a top priority—particularly investments where the investor sells its entire output on the open market, thereby contributing positively to North Macedonia’s GDP and economy. Given the development of artificial intelligence—an irreversible process—estimates indicate that over the next 14 to 15 years, Europe will face an additional energy demand of approximately 1,000 terawatt-hours of electricity. With this in mind, the potential capacity available to the country for investment in production facilities—and subsequent electricity generation—amounts to 24 terawatt-hours. While this figure might seem abstract on its own, multiplying it by the price of electricity reveals a business opportunity worth approximately €2 billion annually, which is expected to boost Macedonia’s GDP and contribute positively to the national economy, said Prime Minister Hristijan Mickoski during the groundbreaking ceremony.
The Stip Wind Farm is the first of three planned phases within this project cluster, and AEP is working to ensure that construction on the subsequent phases begins in the coming months. The 131.25 MW project comprises twenty-one wind turbines, each with a capacity of 6.25 MW, and has secured a long-term power purchase agreement with an international corporation holding an investment-grade credit rating. The wind farm is the largest wind project in the region developed entirely based on a private power purchase agreement—without reliance on state support—setting a precedent for private infrastructure financing in the region. The project is expected to be fully operational by 2028, generating enough clean energy to supply over 148,000 households annually and preventing emissions of up to 573,000 tonnes of CO₂ equivalent per year. Additionally, more than 300 people will be employed during the construction and operational phases, bringing significant economic benefits to the surrounding communities.