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UAE’s Alcazar Energy will invest USD 500 mn to build a 400 MW wind farm in North Macedonia, according to a statement published last week. The project — which is set to be North Macedonia’s largest wind plant — is expected to bring the firm’s investments in the Western Balkans region to some USD 1 bn. The project is expected to achieve financial close by 4Q 2025 with construction set for early 2026.
The details: The Shtip project will be located 75 km south of the Macedonian capital of Skopje and will increase the country’s wind energy generation more than fivefold, offsetting some 670k tons and generating enough energy for more than 100k homes annually.
REMEMBER- Alcazar Energy recently closed its second renewables fund: Alcazar Energy Partners secured a USD 490 mn final close on the Alcazar Energy Partners II fund in May. 8 investors contributed to the round including the US International Development Finance Corporation and the European Bank for Reconstruction and Development. The fund aims to develop 1.6 GW of green energy projects, offset over 3 mn tonnes of emissions annually, and raise investments to USD 2 bn. The first close alone secured USD 336.6 mn in 2022.
Not Alcazar’s first fund: Alcazar Energy Partners I — the first fund by Alcazar — was launched in 2014 and raised a total of USD 240 mn to invest in equity for solar and wind energy projects, with up to USD 700 mn in foreign direct investment mobilized into seven solar and wind farms in Egypt and Jordan. The first fund’s portfolio was acquired in 2021 by Chinese energy firm China Three Gorges Corporation.
The firm has an eye on Egypt: Alcazar Energy was among seven companies looking to bid for a stake in Egypt’s 580 MW Gabal El Zeit and 545 MW Zafarana wind farms last year.
