Photo: AEP
Alcazar Energy Partners has signed a development support agreement with the International Finance Corporation, a member of the World Bank Group. The company intends to develop the largest renewable energy platform in the Western Balkans.
Alcazar Energy Partners (AEP) said the agreement provides access to development assistance funding for phase 1 of the Štip wind farm, the largest wind power project in North Macedonia, reinforcing both parties’ commitment to mobilizing private capital for sustainable infrastructure in strategic growth markets.
The start of construction of the first phase of the EUR 500 million Štip wind farm is envisaged later this year. The total installed capacity, once all phases are complete, would be approximately 400 MW.
According to Alcazar, the project will provide clean, reliable power to over 100,000 households and mitigate up to 690,000 CO2-equivalent tons emissions each year, marking a significant step towards strengthening North Macedonia’s energy security and renewable energy objectives.
Štip wind farm is AEP’s first project in North Macedonia
Štip wind farm is AEP’s first project in North Macedonia. It reflects the firm’s strategy to expand its presence across the Western Balkans, where it has already acquired a 1.5 GW pipeline of greenfield onshore wind and solar assets, delivering renewable energy infrastructure that supports national ambitions and global climate goals.
The project was launched ten months ago. The sites for more than 50 turbines are on the territories of the municipalities of Karbinci, Radoviš, and Štip, southeast of the capital city of Skopje.
The signing ceremony took place on the sidelines of the ESG Adria Summit in Porto Montenegro.
AEP is currently advancing a detailed project design
“Our continued partnership with IFC is instrumental as we progress with the Štip wind farm. Together, we’re not only advancing the energy transition but also supporting economic development and long-term energy security. We look forward to delivering a project that brings lasting value to communities and reinforces North Macedonia’s sustainability ambitions,” Co-Founder and Managing Partner of Alcazar Energy Partners Daniel Calderon stated.
AEP, currently advancing a detailed project design, has engaged leading engineering, environmental, legal, and social advisors to ensure the project meets the highest international standards.
Avato: The Štip wind Farm in North Macedonia is a natural extension of our collaboration
According to Patrick Avato, IFC’s Manager for Infrastructure and Energy in Europe, the two sides built a strategic partnership over more than a decade, working together to advance sustainable energy projects across emerging markets.
“The Štip wind farm in North Macedonia is a natural extension of this collaboration, aimed at expanding access to affordable, clean energy—essential for economic competitiveness and growth. In addition to strengthening the country’s energy security, the project also reflects IFC’s commitment to supporting sustainable energy solutions that meet international standards and contribute to a just energy transition in the region,” he asserted.
The signing was also attended by Tim Sheahan, Senior Director at AEP.
Alcazar Energy Partners is an independent infrastructure fund manager focused on the development, financing, construction, and operation of utility-scale renewable energy projects in growth markets since 2014. It now has a cumulative renewable energy portfolio of more than 4 GW, reads the press release.
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