[SMM PV News] Financing secured for 134 MW solar project in North Macedonia

Published: Dec 24, 2025 10:04

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North Macedonia’s state-owned utility, Elektrani na Severna Makedonija (ESM), has secured an €87 million financing package to construct the 134 MW Bitola 3 solar power plant on the site of a depleted coal mine. The funding comprises a €37 million sovereign-guaranteed loan from the European Bank for Reconstruction and Development (EBRD) and €50 million from Germany’s KfW, marking the first joint financing collaboration between these two development banks. Once operational, Bitola 3 is set to become the country's largest solar facility, capable of generating approximately 180 GWh annually. This project represents a strategic shift in utilizing legacy coal infrastructure for clean energy, directly supporting North Macedonia’s National Energy and Climate Plan to phase out coal and increase the renewable energy share to 38% by 2030.

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