Alcazar Energy Partners achieves financial close on Štip wind farm

AEP has secured a senior debt financing package in excess of €115 million provided by the European Bank for Reconstruction and Development (EBRD), the International Finance Corp. (IFC), the private sector arm of the World Bank Group, and Erste Group Bank AG, with a separate local VAT facility provided by Sparkasse Bank AD Skopje. Štip wind farm represents a total investment of €180 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.Štip 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 21 6.25 MW wind turbines and benefits from a long-term offtake agreement with an investment grade international corporation. The Štip wind farm is the largest wind project in the region developed, entirely on a private offtake basis, with no reliance on government support – a landmark for private infrastructure finance in the region. Expected to be fully operational by 2028, the project will generate sufficient clean energy to power over 148 000 households annually and will mitigate up to 573 tpy CO₂-equivalent emissions. Additionally, more than 300 jobs will be engaged during construction and operations, delivering significant economic benefits to surrounding communities.

The combined cluster of projects will have a total installed capacity of up to 396 MW across the municipalities of Karbinci, Radoviš, and Štip – located approximately 75 km south-east of Skopje – and will more than quadruple North Macedonia's total installed wind capacity once fully operational. The?Štip?wind farm is a key contributor to North Macedonia's Just Energy Transition Investment Platform, launched at COP28, and will play a pivotal role in supporting the country's commitment to phase out coal-fired generation and align with EU renewable energy standards as North Macedonia continues on its path towards EU accession.

Daniel Calderon, Co-Founder and Managing Partner of AEP, said: “We are deeply grateful to the Government of North Macedonia for its hard work, support, and the trust they put in Alcazar Energy which made our Štip wind farm possible. We would also like to thank to our local partners, our lenders and investors as well as all our Alcazar colleagues across the Balkans and the UAE. Without your support over the past several years, this project would not be under construction today.

“This shared achievement is what allows us to mobilise our investments with confidence, deliver clean, affordable electricity, and create jobs. The people of North Macedonia have welcomed us with exceptional warmth and hospitality. We look forward to deepening these relationships, strengthening our commitment to North Macedonia and doing much more together in the years ahead.”

Harry Boyd-Carpenter, EBRD Sustainable Infrastructure Managing Director, added: “The successful financial close of Štip wind farm is a great step forward for both North Macedonia's energy transition and our longstanding partner, Alcazar Energy. The project will increase domestic renewable energy generation and strengthen North Macedonia’s energy security by exploiting its abundant wind resources, while also supporting its decarbonisation objectives. We’re also delighted to support Alcazar Energy on their first investment in the Balkans, mobilising private capital to build a more resilient energy future for the country and the wider region.”

Wiebke Schloemer, IFC Director for the Western Balkans and South Caucasus, added: “Reliable and affordable energy is fundamental to economic competitiveness and employment. As the largest renewable energy project in the Western Balkans, this investment will strengthen North Macedonia's energy security and help mobilise private investment. It will also help meet the rising electricity needs of a modern economy increasingly powered by digital technologies and data centres, while enabling businesses to grow, innovate, and create jobs.”

Markus Kriegler, Head of Group Corporates at Erste Group Bank AG, concluded: “As the leading banking group in Central and Eastern Europe, we are incredibly proud to have successfully reached financial close to back another wind farm project in North Macedonia. This investment is a cornerstone for North Macedonia's green transition, significantly boosting domestic clean energy production and regional energy security. We are very grateful for the excellent cooperation with the sponsor and look forward to partnering on future projects. This milestone reflects our deep, ongoing commitment to supporting sustainable growth, long-term partnership across the entire region, as well as North Macedonia's EU aspirations.”

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