Alcazar Energy Partners is to invest over $500m (€466m) to develop the largest wind farm project in North Macedonia.

The infrastructure fund manager said it has launched the Shtip project with a capacity of up to 400MW once fully operational. Construction of the project, located 75km south of Skopje, is expected to begin in early 2026.

Hristijan Mickoski, prime minister of North Macedonia, said: “This project is of great significance to Europe, given North Macedonia’s extensive grid interconnections with its neighbours.

“It will supply much-needed clean and affordable energy at a crucial time when the continent is striving to reduce its dependence on fossil fuels.”

Daniel Calderon, co-founder and managing partner of Alcazar Energy, said: “We are thrilled to launch a major wind farm project in the Western Balkans, providing North Macedonia with clean, affordable electricity and creating local jobs. 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.” 

The Shtip 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 $1bn, the company said.

To read the latest IPE Real Assets magazine click here.