OeEB co-finances first private wind park in North Macedonia

North Macedonia relies predominantly on lignite and coal, and is dependent on electricity imports to meet its electricity demand. In an effort to strengthen the country's energy independence and supply stability, the government aims to lift its national renewables capacity to above 50% by 2024, which translates into additional 400 MW of solar and 160 MW of wind power.

The 36 MW wind park co-financed by OeEB, which will be built 50 kilometers southeast of Skopje near the village of Bogoslovec, supports this goal. Once complete, the eight wind turbines are expected to generate enough green electricity to supply over 15,000 households, resulting in 80,000 tons of avoided CO2 emissions annually. As the first private wind project in the country and only the second following the Bogdanci project commissioned in 2015, it will also serve as a lighthouse project for privately owned utility scale renewable energy. 

OeEB provided EUR 10 million in subordinated debt for the construction and operation of the project as part of a EUR 51 million loan facility arranged by Erste Group. Alongside OeEB and Erste, Sparkasse Bank Makedonija AD Skopje, Komercijalna Banka AD Skopje and NLB Banka AD Skopje provided debt finance. The Green for Growth Fund, which OeEB holds shares in, will bring additional equity into the project company.