Alcazar to Invest $500 Million in North Macedonia’s Wind Farm Project

 Luxemburg-based Alcazar Energy Partners, a leading investor in renewable energy within growth markets, on Tuesday announced 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 $500 million, 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 of 2025, and construction is set to begin in early 2026.

The Shtip project, 75 km south of Skopje in Macedonia, 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 CO2-equivalent per year.

This project represents Alcazar Energy’s second milestone in its effort to build the largest renewable energy platform in the Western Balkans, with an expected total regional investment of $1 billion, the company said.

This investment 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. 

Promising Investment Location

Daniel Calderon, Co-Founder and Managing Partner of Alcazar Energy, said that the wind farm project in the Western Balkans, will provide North Macedonia with clean, affordable electricity and creating local jobs.

He added: “Alcazar Energy sees North Macedonia as a promising investment location for renewable energy. We look forward to collaborating with the government and stakeholders to build the country’s largest wind farm, significantly increasing its wind capacity. Our dedication to ESG principles and renewable energy development underscores our commitment to sustainable infrastructure in growth markets.”

North Macedonia Prime Minister Hristijan Mickoski said that they were 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, Mickoski said.

“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,” Mickoski added.

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 $490 million.

AEP-II will develop over 1.6GW of greenfield clean energy projects, mitigate 3 million tons of GHG emissions per year and will mobilise $2 billion of foreign direct investment across key emerging markets.