The Green for Growth Fund (GGF), advised by Karanovic & Partners in cooperation with local lawyers, made its first ever equity investment in wind farm in North Macedonia. GGF decided to invest EUR 3.5 million in Thor Impex d.o.o. Skopje, to partially fund the construction and operations of a 36MW wind farm near the village of Bogoslovec in North Macedonia (Bogoslovec).
The Bogoslovec project is directly aligned with the GGF’s sustainable investment objective and should directly contribute to the implementation of North Macedonia’s Renewable Energy Action Plan, which aims to reach a 50% share of renewable energy in electricity production by 2024.
North Macedonia currently relies mostly on coal and lignite while the transition to a diversified renewable energy mix is predominantly centered on hydroelectric power, which represent 37% of the total installed capacity and 90% of the renewable capacity. The project is expected to generate enough green electricity to supply over 20,000 households, resulting in 80,000 tons of avoided CO2 emissions annually, and should, thus greatly support North Macedonia realize their green energy goals.