Alcazar Energy Partners, a leading investor in renewable energy within growth markets, announces the launch of the largest wind farm project in North Macedonia with a capacity of up to 400 MW. This project represents a key step in the company's goal to develop the largest renewable energy platform in the Western Balkans.
The investment, that will exceed $500m, is the most to be made towards renewable infrastructure in the country. It will also place the project among one of the largest wind farms in the Western Balkans and will almost fivefold increase North Macedonia's installed wind capacity once fully operational. The financial close is expected by Q4 2025, and construction is set to begin in early 2026.
Daniel Calderon, Co-Founder and Managing Partner of Alcazar Energy, said:
"We are thrilled to launch one of the most significant wind farm projects in the Western Balkans. This initiative will provide North Macedonia with much-needed clean and affordable electricity and create lasting local jobs.
"Alcazar Energy views North Macedonia as an especially promising investment location, recognizing its significant potential for renewable energy development. We look forward to collaborating with the government and local stakeholders as we build the country's largest wind farm, significantly increasing its installed wind capacity.
"We build sustainable infrastructure where it is needed most - in growth markets - while generating infrastructure returns to investors. Our success in renewable energy project development and dedication to ESG principles highlight our capability and commitment in these key regions."
The project, 75km south of Skopje, will play a pivotal role in advancing North Macedonia's Just Transition Investment Platform, announced at COP28, and will make a substantial contribution to reducing the country's greenhouse gas emissions. The project is estimated to create more than 630 construction jobs and once operational, will produce enough clean energy to power over 100,000 households annually, while avoiding the release of over 670,000 tons of CO2e per year. With more than 50 wind turbines, the project will also save 1.1 million metric tonnes of water each year.
Hristijan Mickoski, Prime Minister of North Macedonia, stated:
"We are standing ahead of the largest investment in renewable energy sources that we ever had. This investment marks the beginning of the government's policy to create energy independence for Macedonia. With multiple investments in the field of energy, we will establish for Macedonia to produce electricity for the needs of its citizens, and the surplus, due to the good network connection, can be sold to our neighbours. The wind farm in south-eastern Macedonia will increase the potential of Macedonia in the area of renewable energy resources by five times. The area where the wind farm is to be built is located between three municipalities, Karbinci, Radovish and Shtip, where the potential for this type of investment is great."
This project represents Alcazar Energy's second key achievement in its effort to build the largest renewable energy platform in the Western Balkans, with an estimated total regional investment approaching $1.0bn. It will not only benefit the energy mix in North Macedonia but will also significantly contribute to the energy security of the wider Western Balkans region. Due to North Macedonia's grid connections with Greece, Bulgaria, Serbia and Kosovo, the project will help to both reduce energy shortages and support the transition to renewable energy in the Western Balkans and Southeast Europe.
About Alcazar Energy
Alcazar Energy is a leading independent sustainable infrastructure fund domiciled in Luxembourg, with an advisory team based in Dubai focusing on utility scale renewable energy projects in emerging markets. Following the success of its first investment vehicle, Alcazar Energy Partners I (AEP-I), Alcazar Energy recently closed its second vehicle, Alcazar Energy Partners II SLP (SCSp) (AEP-II) at US$490m. This brought together blue-chip public and private investors from North America, Europe, Asia, and the Middle East. AEP-II will develop over 1.6GW of greenfield clean energy projects, mitigate 3 million tonnes of GHG emissions per year and will mobilise c.a. US$2bn of foreign direct investment across key emerging markets.
