Financial Close Achieved for Largest Wind Energy Project in North Macedonia

Alcazar Energy Partners announced the financial close of the Stip Wind Farm – the largest wind energy project ever developed in North Macedonia.

AEP has secured a senior debt financing package of ca EUR 115 million (US$132.79 million) provided by the European Bank for Reconstruction and Development (“EBRD”), the International Finance Corporation (“IFC”), the private sector arm of the World Bank Group, and Erste Group Bank AG (“Erste”), with a separate local VAT facility provided by Sparkasse Bank AD Skopje. The first phase of Štip Wind Farm represents a total investment of EUR 180 million (US$207 million) and marks a significant milestone for renewable energy financing in the Western Balkans, demonstrating strong institutional confidence in North Macedonia’s energy sector and its trajectory towards EU integration. Stip Wind Farm is the first of three planned phases within the same cluster of projects, and AEP is working towards beginning construction on the subsequent phases in the coming months.

The 131.25 MW project comprises twenty-one 6.25 MW wind turbines and benefits from a long-term offtake agreement with an investment grade international corporation. The Stip Wind Farm is the largest wind project in the region developed entirely on a private offtake basis, with no reliance on government offtake support – a landmark for private infrastructure finance in the region.

The combined cluster of projects will have a total installed capacity of up to 396 MW across the municipalities of Stip, Radoviš and Karbinci. Once fully operational it will more than quadruple North Macedonia’s total installed wind capacity and it is expected to generate sufficient clean energy to power over 148,000 households annually and will mitigate c.a. 573,000 tonnes of CO₂-equivalent emissions each year. Additionally, more than 300 workers will be engaged during construction and operations, delivering significant economic benefits to surrounding communities.