North Macedonia is advancing a large-scale energy investment focused on the development of two hydropower facilities: Cebren and Galiste. The total estimated value of the initiative is between 1.2 and 1.3 billion euros. Prime Minister Hristijan Mickoski confirmed that negotiations are ongoing, with the country aiming to finance the construction primarily through a loan from the United Kingdom. The government has indicated that this ambitious project will be supported by a combination of state-backed financing and private sector investments. Several other infrastructure projects are also expected to benefit from similar financial arrangements.
Earlier, a public tender for the pumped-storage hydropower plant Cebren was launched, envisioning an output capacity of 333 MW, with an option to add another unit to raise total capacity to 458 MW. However, the tender was terminated in early 2024 by the previous administration, which decided to reassess the financial model to determine whether the project would be more viable through state funding or collaboration with strategic investors. Prior to the cancellation, Greek companies, including the state-controlled Public Power Corporation (PPC) and Archirodon, had been chosen as preferred partners.
In a parliamentary address, PM Mickoski emphasized the long-term scope of the Cebren and Galiste projects, noting that construction and full implementation will span several decades, extending beyond the current government’s tenure. The financing model involves a blend of low-interest state loans, market-based investments, and direct private sector participation.
Beyond electricity generation, the planned reservoirs are expected to provide additional benefits, including improved irrigation capacity to mitigate future climate variability and potential for tourism development in the surrounding regions. These multi-purpose advantages aim to boost both the economy and local communities.
