EBRD Provides Up to €42 Million for North Macedonia’s First Privately Funded Utility-Scale Wind Project

The European Bank for Reconstruction and Development (EBRD) is providing up to €42 million in senior financing for the development of the Štip wind power project in North Macedonia, supporting what is set to become the country’s first large-scale privately financed wind project developed without state support.

The financing will be provided to STP WIND, a project company owned by Alcazar Energy Partners II, as part of a broader funding package involving international financing 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 will operate under a long-term corporate renewable power purchase agreement (PPA) with an international offtaker. The agreement is designed to provide long-term revenue and price stability while enabling the project to participate in North Macedonia’s liberalised electricity market.

Once operational, the wind farm is expected to generate significant volumes of renewable electricity, helping reduce greenhouse gas emissions and supporting North Macedonia’s gradual transition away from ageing coal-fired generation.

The broader Štip development, once fully completed, is expected to become one of the country’s largest renewable energy assets and contribute to strengthening domestic energy security, diversifying the electricity mix and advancing national decarbonisation objectives.

The investment is aligned with the EBRD’s green transition priorities and supports North Macedonia’s energy and climate objectives. In addition to increasing renewable generation, the project is expected to mobilise private capital for the country’s clean energy sector.

Harry Boyd-Carpenter, EBRD Managing Director for Sustainable Infrastructure, described the project’s financial close as an important step for North Macedonia’s energy transition and for Alcazar Energy’s expansion into the Western Balkans. He said the development would help increase domestic renewable generation, strengthen energy security through the use of the country’s wind resources and support decarbonisation.

Daniel Calderon, co-founder and managing partner of Alcazar Energy, highlighted the long-standing relationship between the company and the EBRD, noting the challenges associated with delivering a first-of-its-kind large-scale renewable project in a new market.

Beyond its contribution to renewable electricity generation, the Štip project will include initiatives aimed at supporting local communities, skills development and inclusion.

The project represents Alcazar Energy’s first investment in the Western Balkans and adds to the EBRD’s portfolio of renewable energy and sustainable infrastructure investments in North Macedonia.