Alcazar Energy Partners has announced a landmark investment of $500 million in North Macedonia’s renewable energy sector, marking a significant step towards the country’s transition away from coal-fired power generation. The project, named Shtip and situated 75 kilometers south of Skopje, is set to become the largest wind farm in North Macedonia.
Construction of the Shtip wind farm is scheduled to begin in early 2026, with a projected capacity to generate 400 megawatts of renewable energy upon completion. This substantial increase in wind power is expected to meet the energy needs of over 100,000 homes and reduce carbon emissions by an estimated 670,000 tons annually.
Daniel Calderon, co-founder of Alcazar Energy Partners, emphasized the strategic importance of North Macedonia as an investment destination for renewable energy development. He highlighted the project’s role in enhancing regional energy stability through its interconnected grid with Greece, Bulgaria, Serbia, and Kosovo.
The financing for the Shtip project will be managed by Alcazar Energy, which recently secured $490 million through Alcazar Energy Partners II, supported by the U.S. International Development Finance Corporation and other public and private investors.
Hristijan Mickoski, Prime Minister of North Macedonia, underscored the project’s significance for Europe, stressing its contribution to reducing fossil fuel dependency and providing clean and affordable energy solutions.
The announcement of Alcazar Energy’s investment in the Shtip wind farm signifies a substantial milestone in North Macedonia’s renewable energy landscape, promising to propel the country towards a more sustainable and resilient energy future.
Photo source: Google
By: Montel Kamau
Serrari Financial Analyst
25th June, 2024
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