The European Bank for Reconstruction and Development (EBRD) said on Thursday it will provide up to €42 million ($49 million) in senior financing for the first phase of a 131-megawatt wind farm in North Macedonia.
The Stip wind power project is being developed by STP WIND, a project company owned by Alcazar Energy Partners II, and is the country's first large-scale privately funded wind project to be developed without state support, the EBRD said.
The project is backed by a long-term corporate renewable power purchase agreement with an international offtaker, which is expected to provide revenue stability while allowing the wind farm to operate in North Macedonia's liberalised electricity market.
Once operational, the wind farm will increase domestic renewable power generation and help reduce greenhouse gas emissions as the country seeks to move away from ageing coal-fired generation, the EBRD said.
The broader Stip wind complex is expected to become one of North Macedonia's largest renewable energy assets when fully developed, supporting the country's energy security and decarbonisation goals.
By Ebru Sengul Cevrioglu
Anadolu Agency
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