The first private wind park in North Macedonia has started operating

The first private wind park in North Macedonia has started operating

19-06-2024 | Tags: Clean Energy, North Macedonia

The Bogoslovec Wind Park was opened at a ceremony on 11 June, attended by the ambassador of the European Union to North Macedonia, David Geer, deputy ambassador of the Federal Republic of Germany, Otto Graf, and representatives of the Green for Growth Fund (GGF).

This €61 million project is the country's first private wind farm and GGF’s first equity investment. The fund became a minority shareholder in the project company, Thor Impex, with local company BNB Kompani the majority shareholder.

The park boasts a capacity of 36 MW, capable of powering over 20,000 households annually. Bogoslovec is set to significantly improve Macedonia's renewable energy capacity, aligning with the country's goal of increasing renewable energy by 50% by 2030.

EU Ambassador Geer shared: “It is important that the authorities and private companies work together and constructively demonstrate that the renewable energy sector makes the most of this potential. This very project demonstrates how this can be done, bringing together local and EU companies and banks. The benefits will be long-term both for the environment and for the citizens.”

The deputy ambassador of Germany, Otto Graf added: "This private investment shows that investments in renewable energy sources are not always made possible only by public finance and state support, but also as private initiatives and businesses, and we consider this project to be a huge step towards renewable energy sources becoming a huge part of the electricity supply in North Macedonia."

Mihajlo Mihajlovski from Thor Impex remarked that the project was realised with investment from North Macedonia, an investment that "will remain in the country to create additional value and act as a source for future large investment projects.”

Borislav Kostadinov, Fund Director for GGF, emphasised that as investors in the fund, the German government and the European Commission played a “catalytic role” in the realisation of the Bogoslovec Wind Park.

The Green for Growth Fund (GGF) is an influential investment vehicle that has been active in the Balkans for 15 years. Supported by the European Investment Bank (EIB) and the German Development Bank (KfW) and backed by the European Commission, GGF finances renewable energy and energy efficiency ventures undertaking by MSMEs and households. Bogoslovec Wind Park is its first equity investment and considered to be an important example for future projects.

More about the WBIF Private sector financial initiatives here