On the Stip Wasteland southeast of Skopje, the first batch of concrete pouring marks for wind turbine foundations still carry residual heat. The official landing of a 180 million euro syndicated loan has put the construction pace of the largest wind power project in the Western Balkans on the fast lane.

Alcazar Energy Partners, in collaboration with multiple international financial institutions, has completed the first phase of financing for the Sitip wind farm. This large-scale private wind power project, North Macedonia's first without state subsidies, is setting a new benchmark for the development of unsubsidized renewable energy throughout the Western Balkans. The year-on-year growth rate of wind power installed capacity in the Western Balkans in 2026 is only 12%. The implementation of this 396 MW cluster will directly increase the total scale of regional wind power by nearly 20%.

180 million euros syndicated loan completed closed loop

The financing of 180 million euros for the first phase of the 131 MW project is jointly provided by the European Bank for Reconstruction and Development, the International Finance Corporation, Erste Bank, and Sparkasse Bank, with EBRD contributing 42 million euros separately.

The total investment of the project exceeds 500 million US dollars. The first phase will install 21 wind turbines, and the remaining 33 units in the second and third phases will be installed in the towns of Karbinzi and Radovish. The final total installed capacity of 54 wind turbines in the project will reach 396 megawatts. The project relies on long-term power purchase agreements signed with undisclosed international leading enterprises to lock in profits, without relying on government subsidies, which is a major breakthrough in the private wind power development model in the Western Balkans.

Regional low-carbon transformation welcomes key increments

The project has completed its foundation laying in July 2025, with an overall construction period of 3 years, and is expected to be fully operational by 2028. After being put into operation, the annual power generation will reach 1 terawatt hour, which can meet the daily electricity needs of 148000 households and directly reduce 570000 tons of carbon dioxide emissions annually. The entire construction and operation phase will create nearly 300 local job opportunities.

According to the latest data from the Western Balkan Energy Community in 2026, nearly 40% of North Macedonia's electricity still comes from old coal-fired power units. After the Shitep wind farm is put into operation, it will directly increase the proportion of non fossil energy generation in the country by 7 percentage points, greatly accelerating the local coal-fired power substitution process.

From the rotating wind turbine blades on the wilderness to the fully market-oriented, subsidy free development model, the Shitep wind farm is not only a new green power station, but also a new starting point for the commercialization transformation of renewable energy in the entire Western Balkans region.Editor/Cheng Liting