Porto Montenegro – Alcazar Energy Partners (“AEP”), a leading independent infrastructure fund manager focused on the development, financing, construction and operation of utility scale renewable energy projects in growth markets, has signed a development support agreement with the International Finance Corporation (“IFC”), a member of the World Bank Group. The agreement provides Alcazar Energy Partners access to development assistance funding for Phase I of the Štip wind farm, the largest wind power project in North Macedonia, reinforcing both parties’ commitment to mobilising private capital for sustainable infrastructure in strategic growth markets.

The signing ceremony took place on the sidelines of the ESG Adria Summit in Porto Montenegro and was attended by senior representatives from the Government of North Macedonia, alongside, Tim Sheahan, Senior Director at AEP, and Patrick Avato, Manager for Energy and Infrastructure in Europe at IFC.

Phase I of the Štip Wind Farm project will begin construction later this year. The total installed capacity once all phases are complete will be approximately 400MW. The project, which will provide clean, reliable power to over 100,000 households, and will mitigate up to 690,000 co2-eq tons emissions each year, marks a significant step towards strengthening North Macedonia’s energy security and renewable energy objectives. Total investment in the project is estimated at €500 million.

Daniel Calderon, Co-Founder and Managing Partner of Alcazar Energy Partners, said:

“Our continued partnership with IFC is instrumental as we progress with the Štip Wind Farm. Together, we’re not only advancing the energy transition, but also supporting economic development and long-term energy security. We look forward to delivering a project that brings lasting value to communities and reinforces North Macedonia’s sustainability ambitions.”

AEP is currently advancing detailed project design and has engaged leading engineering, environmental, legal and social advisors to ensure the project meets the highest international standards.

The Štip Wind Farm marks AEP’s first project in North Macedonia and reflects the firm’s strategy to expand its presence across the Western Balkans, where AEP has already acquired a 1.5GW pipeline of greenfield onshore wind and solar assets, delivering renewable energy infrastructure that supports national ambitions and global climate goals.

Patrick Avato, IFC’s Manager for Infrastructure and Energy in Europe, said:

“IFC and Alcazar Energy Partners have built a strategic partnership over more than a decade, working together to advance sustainable energy projects across emerging markets. The Štip Wind Farm in North Macedonia is a natural extension of this collaboration, aimed at expanding access to affordable, clean energy—essential for economic competitiveness and growth. In addition to strengthening the country’s energy security, the project also reflects IFC’s commitment to supporting sustainable energy solutions that meet international standards and contribute to a just energy transition in the region.”

About Alcazar Energy Partners

Alcazar Energy Partners (“AEP”) is an independent infrastructure fund manager focused on investing in and developing utility-scale renewable energy assets in growth markets. Since 2014, AEP have successfully managed two investment vehicles: AEP-I, which mobilised appr. USD750 million in wind and solar assets, and AEP-II, which closed at USD490 million in May 2024 and will mobilise c.USD2 billion in growth markets. In doing this, AEP has brought together blue-chip public and private investors across North America, Asia, Europe and the Middle East, with 80% of investors holding AAA or AA ratings, to create financially attractive investment opportunities in growth markets. AEP now has a cumulative renewable energy portfolio of more than 4GW.

For more information, visit https://alcazarenergy.com

About IFC

IFC — a member of the World Bank Group — is the largest global development institution focused on the private sector in emerging markets. We work in more than 100 countries, using our capital, expertise, and influence to create markets and opportunities in developing countries. In fiscal year 2024, IFC committed a record $56 billion to private companies and financial institutions in developing countries, leveraging private sector solutions and mobilizing private capital to create a world free of poverty on a livable planet.

For more information, visit https://www.ifc.orgw

Media contact
H/Advisors Dubai - AlcazarEnergy@h-advisors.global