PVTIME – The Chinese renewable technology company Envision Energy has announced the completion of the first phase of financing for its Štip wind farm in North Macedonia, marking its latest expansion into the onshore wind market in Eastern Europe.
The 131.25MW project was developed by infrastructure manager Alcazar Energy Partners (AEP) and is set to become North Macedonia’s largest wind farm. Envision Energy will supply the wind turbines for the development.
Financing was provided by the European Bank for Reconstruction and Development (EBRD), the International Finance Corporation (IFC), and Austria’s Erste Group Bank AG. The EBRD committed €42 million to the transaction, which was structured as a €180 million non-recourse loan. Additional lenders included Sparkasse Bank.
Unlike many renewable projects in the region, the Štip wind farm will operate entirely on a privately funded basis, backed by a long-term corporate power purchase agreement with an international buyer whose identity has not been disclosed. According to AEP, this structure demonstrates the viability of subsidy-free renewable energy development in Southeast Europe.
The Štip development is planned in three phases, with a total capacity of up to 396MW. Upon completion, it will more than quadruple the country’s installed wind capacity. The first phase will feature 21 turbines and is expected to generate enough electricity each year to power 148,000 households, while avoiding 570,000 tonnes of CO₂ emissions annually. The full site, which covers parts of three municipalities to the southeast of Skopje, will ultimately comprise 54 turbines.
Construction began in July 2025 with a ground-breaking ceremony attended by the North Macedonian prime minister and energy minister. The total investment across all phases is estimated to exceed $500 million, and AEP has announced that financing for the remaining phases will be finalised in the near future.
