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, which will exceed USD$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.
The Shtip 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 CO2-eq 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 c.a. USD$1.0bn. 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.
