Alcazar invests USD 500 million in the largest wind farm in North Macedonia, ET EnergyWorld

LONDON: Renewable energy investor Alcazar Energy Partners said on Tuesday it has launched the largest wind farm project in North Macedonia, investing at least $500 million in debt and equity to help generate 400 megawatts of renewable energy.

The Shtip project, 75km south of the capital Skopje, is a central part of an agreement announced at the COP28 climate talks last year to accelerate the country’s transition away from coal-fired power generation.

Construction is scheduled to start in early 2026.

Once operational, the project is expected to provide an almost five-fold increase in the country’s installed wind power capacity, enabling it to power over 100,000 homes and avoid the emission of over 670,000 tonnes of greenhouse gas emissions per year.

“Alcazar Energy sees North Macedonia as a particularly promising investment location, recognizing its significant potential for the development of renewable energy,” Alcazar co-founder Daniel Calderon said in a statement.

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Due to its location and network connections to Greece, Bulgaria, Serbia and Kosovo, the project should help reduce energy shortages and support the energy transition across the region.

The financing will be overseen by Alcazar, which recently raised $490 million through Alcazar Energy Partners II, with support from the U.S. International Development Finance Corporation and other public and private investors.

“This project is of great importance for Europe, given North Macedonia’s extensive network connections with its neighbors,” said Hristijan Mickoski, Prime Minister of North Macedonia.

“It will provide much-needed clean and affordable energy at a crucial time as the continent seeks to reduce its dependence on fossil fuels.”

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