The first private wind farm to be constructed in North Macedonia

The first private wind energy project in North Macedonia, 36 MW Bogoslovec wind farm, owned by BNB Kompani and Green for Growth Fund (GGF), received a financing package totalling EUR 51 million. Vienna-based Erste Group arranged the transaction and invited local banks to provide financing with a 17-year tenor. The debt package for the project also includes a junior debt tranche of EUR 10 million from Oesterreichische Entwicklungsbank AG (OeEB).
It is the first-ever equity investment for the Green for Growth Fund (GGF), an impact fund advised by Finance in Motion, which invested EUR 3.5 million in Thor Impex d.o.o., to partially fund the construction and operations of the project.

Bogoslovec will become the second wind farm in the country and is expected to cover the needs of over 20 000 households, reducing about 80,000 tons of CO2 emissions annually. The wind farm will be built 80 kilometres southeast of Skopje near the village of Bogoslovec and is scheduled to be completed in early 2023.

The project will be one of the last in a series of wind park installations in North Macedonia selling generated electricity at a feed-in tariff under a 20-year power purchase agreement with the state market operator. In the meantime, North Macedonia has recently introduced competitive auctions for market premiums.