German renewable project developer WPD is set to invest €500m ($578m) to build a 415MW wind park in North Macedonia.
The Virovi wind park is intended to help North Macedonia shift towards renewable energy sources to meet its electricity requirements.
The North Macedonia government has also declared Virovi to be a ‘strategic project’ to help the country’s energy transition efforts.
Virovi is planned to be developed in three phases at three different locations across the country. The project will feature a total of 69 wind turbines.
Construction works for the wind farm are scheduled to begin by 2024 and expected to be completed within six years.
Once completed, it will have the capacity to generate more than 1.3GWh of renewable energy a year while displacing around 310,000t of carbon emissions.
The wind facility will generate enough clean energy to power almost 290,000 homes in the region.
The North Macedonia government said that although it will not subsidise the project, any necessary permits would be given without delay.
The government has set a target of installing 1,500MW of solar power capacity and around 700MW of wind power capacity.
Virovi is said to be the largest German investment in North Macedonia and the first major investment in the country’s green energy segment since its independence from the former Yugoslavia in 1991.
In addition to approving the wind farm, the government has granted permission to European energy trading and investment group Energy Financing Team to build an 80MW solar photovoltaic facility in the country.
Both projects are understood to meet legal requirements on strategic investments and, having been approved by the government, qualify for the bank guarantees necessary to complete the strategic investment procedure.
North Macedonian Prime Minister Zoran Zaev has said that a total of €3.1bn is to be invested in energy in the country by 2027.