MACEDONIA —The European Bank for Reconstruction and Development (EBRD) is providing a senior debt facility of up to €42 million for STP WIND, a project vehicle controlled by renewable energy investor Alcazar Energy Partners II, to finance the first construction phase of the Štip onshore wind complex in North Macedonia. The initial stage of the utility-scale installation will feature an operating capacity of 131 MW, revenue-backed by a long-term corporate power purchase agreement signed with an international off-taker to manage wholesale electricity market exposure.
This transaction signals a structural pivot in the Western Balkans power generation sector, establishing a template for merchant-exposed greenfield assets operating without government feed-in tariffs or direct public subsidies. The project helps bridge North Macedonia's supply gap as the nation phased out legacy lignite-fired power generation, directly supporting domestic energy security through private capital deployment.
The investment accelerates grid integration across Southeast Europe's liberalized energy corridors, creating a benchmark for commercial off-take agreements in emerging transition economies. Institutional participation in subsidy-free infrastructure projects reduces sovereign fiscal exposure while expanding regional capabilities in utility-scale renewable development and engineering.
For global project developers and infrastructure funds, the financial close demonstrates viable commercial pathways for high-capacity wind assets in Central and Eastern Europe. The European Bank for Reconstruction and Development (EBRD) is a multilateral developmental investment institution focused on fostering market-oriented economies and private sector development across Central Asia, Eastern Europe, and the Southern and Eastern Mediterranean regions.
