Luxemburg-domiciled infrastructure investor Alcazar Energy announced a EUR-180-million financial close for the 131-MW first phase of its Stip wind power plant project in North Macedonia.

The announcement was made by Daniel Calderon, Co-Founder and Managing Partner of Alcazar Energy Partners, at an event in the Balkan country, attended by government officials including Prime Minister Hristijan Mickoski.

The first phase will consist of 21 turbines while the whole project is planned to have a capacity of 396 MW.

Financing was closed with the European Bank for Reconstruction and Development (EBRD), the International Finance Corporation (IFC), Erste Group AG and Sparkasse Bank AD Skopje.

EBRD said separately it is providing up to EUR 42 million in senior financing to support the project, described as North Macedonia’s first large, privately funded wind project without state support.

The 131-MW development is backed by a long-term corporate renewable energy agreement with an unnamed international offtaker.

EBRD said the project will increase North Macedonia’s domestic renewable energy generation and strengthen its energy security, while also supporting the country’s decarbonisation goals.