Alcazar investing in North Macedonian onshore wind power development.

By Oliver Townsend Jun 25, 2024
Alcazar announces investment for North Macedonian onshore wind.jpegOrginal image from:

Alcazar Energy Partners, a prominent investor in renewable energy in growth markets, has announced a significant investment in the largest wind farm project in North Macedonia. This project, with a capacity of up to 400 MW, marks a crucial step towards developing the largest renewable energy platform in the Western Balkans. The investment, exceeding US$500 million, represents the most substantial contribution to renewable infrastructure in the country and will position the project as one of the largest wind farms in the Western Balkans. The financial close is expected by 4Q25, with construction set to commence in 1Q26.

Investment in North Macedonian Onshore Wind

The Shtip project, located 75 km south of Skopje, will play a vital role in advancing North Macedonia’s Just Transition Investment Platform, announced at COP28, and will significantly reduce the country’s greenhouse gas emissions. This project is estimated to create over 630 construction jobs and, once operational, will generate enough clean energy to power more than 100,000 households annually, while preventing the release of over 670,000 tpy of carbon dioxide equivalent.

Impact on North Macedonia’s Energy Mix

This investment represents Alcazar Energy’s second milestone in building the largest renewable energy platform in the Western Balkans, with an expected total regional investment of approximately US$1 billion. The project will not only enhance North Macedonia’s energy mix but also contribute significantly to the energy security of the broader Western Balkans region. The project will help reduce energy shortages and support the transition to renewable energy in the Western Balkans and Southeast Europe due to North Macedonia’s grid connections with Greece, Bulgaria, Serbia, and Kosovo.

Statements from Key Stakeholders

In a statement, Daniel Calderon, Co-Founder and Managing Partner of Alcazar Energy, expressed excitement about launching a major wind farm project in the Western Balkans. He highlighted the company’s commitment to providing North Macedonia with clean, affordable electricity and creating local job opportunities. Prime Minister of North Macedonia, Hristijan Mickoski, emphasized the significance of this investment in establishing energy independence for the country and increasing its potential in renewable energy resources.

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