10.09.2026
Erste Group participates in financing North Macedonia’s largest wind farm
- Erste Group participates alongside EBRD and IFC in the financing of the Štip Wind Farm in North Macedonia
- With a capacity of 131.25 MW, Štip is the largest wind energy project in the country
- In addition to its role as lender, Erste Group assumes several key functions in structuring and implementing the financing
- First phase of a wind energy cluster that is expected to more than quadruple North Macedonia’s wind power capacity
Erste Group is participating in the financing of the Štip Wind Farm, the largest wind energy project in North Macedonia’s history. Together with the European Bank for Reconstruction and Development (EBRD) and the International Finance Corporation (IFC), a member of the World Bank Group, the banking group is providing a senior financing package of more than EUR 115 million. The total investment volume of the project amounts to approximately EUR 180 million.
Developed by Alcazar Energy Partners, the wind farm marks an important milestone for the energy transition in North Macedonia and across the Western Balkans. With a capacity of 131.25 MW, the facility will generate enough clean electricity to supply more than 35,000 households annually once completed. At the same time, it is expected to avoid up to 300,000 tonnes of CO₂ emissions per year.
A landmark project for the energy transition
The Štip Wind Farm consists of 21 wind turbines, each with a capacity of 6.25 MW, and is expected to become fully operational in 2028. The project represents the first phase of a larger wind energy cluster across the municipalities of Karbinci, Radoviš and Štip, with a planned total capacity of up to 396 MW.
The wind farm is among the largest private investments in renewable energy in the Western Balkans and supports North Macedonia in making its energy supply more independent, more climate-friendly and more closely aligned with the European Union’s energy objectives.
The project is underpinned by a long-term power purchase agreement with an investment-grade international corporation and does not rely on government support mechanisms. As such, it sets an important benchmark for privately financed renewable energy infrastructure projects in the region.
Comprehensive role of Erste Group
Erste Group supports the project not only as a financier but also through several key functions within the transaction. In addition to providing debt financing, the bank issued the Letter of Credit required for the power purchase agreement.
Furthermore, Erste Group acts as Intercreditor Agent, coordinating cooperation among the financing partners. Through Sparkasse Bank AD Skopje, the Group also assumes the role of Security Agent, administering the project’s securities on behalf of all lenders. As Account Bank, it manages the project’s key accounts and supports the efficient handling of payment flows during both the construction and operational phases.
Long-term commitment to sustainable growth
“As the leading banking group in Central Europe, we are delighted to have supported another wind farm project in North Macedonia. This investment is an important building block for the country’s green transition. It strengthens domestic renewable energy generation, enhances regional energy security and supports economic development,” said Markus Kriegler, Head of Group Corporates at Erste Group. “We are very grateful for the excellent cooperation with the project sponsor and look forward to supporting the next stages of this development.”
The project is expected to create more than 300 jobs during its construction and operational phases and exemplifies the growing importance of private investment in the decarbonisation of energy systems across South-Eastern Europe. For Erste Group, the transaction underlines its long-term commitment to sustainable growth and financing the energy transition across Central and Eastern Europe.
International partners underline the importance of the project
“The successful financial close of the Štip Wind Farm is a great step forward for both North Macedonia's energy transition and our longstanding partner Alcazar Energy. The project will increase domestic renewable energy generation and strengthen North Macedonia’s energy security by exploiting its abundant wind resources, while also supporting its decarbonisation objectives. We’re also delighted to support Alcazar Energy on their first investment in the Balkans, mobilising private capital to build a more resilient energy future for the country and the wider region”.
Harry Boyd-Carpenter, EBRD Sustainable Infrastructure Managing Director.
“Reaching financial close on the Štip Wind Farm is a significant milestone for Alcazar Energy Partners and for renewable energy development in the Western Balkans. This project reflects years of commitment from the people of North Macedonia and to our mission of delivering clean, affordable energy in growth markets where it matters most. We are proud to be building the country's largest-ever wind energy project with the support of our blue-chip lending group and look forward to working with all stakeholders to bring it into operation.”
Daniel Calderon, Co-Founder and Managing Partner, Alcazar Energy Partners.
“IFC and Alcazar Energy Partners have built a strategic partnership over more than a decade, working together to advance sustainable energy projects across a range of growth markets. The financial close of the Štip Wind Farm represents the culmination of that collaboration in North Macedonia, delivering a project that will strengthen the country's energy security, expand access to clean power and contribute to a just energy transition in the region, in line with international standards.”
Patrick Avato, Manager for Infrastructure and Energy in Europe, IFC.
About Alcazar Energy Partners
Alcazar Energy Partners (AEP) is an independent infrastructure and investment manager focused on the development and financing of energy projects in growth markets. Since 2014, AEP has established several investment platforms and built a renewable energy portfolio with a total capacity of more than 4 GW.