AGP Executive Report

Renewables Finance: Alcazar Energy Partners has reached financial close on North Macedonia’s 131.25MW Štip wind farm, a €180m project backed by over €115m in senior debt from the EBRD, IFC and Erste Group, with a local VAT facility from Sparkasse Bank AD Skopje; construction is expected to start on later phases too, with the first phase aiming for full operation by 2028. Energy Storage Buildout: North Macedonia is already constructing battery energy storage systems, including standalone units and batteries integrated into solar plants, as the country pushes its 2026 pipeline of PV and storage capacity. EU Accession Costs: North Macedonia’s Independence Day celebrations (Sept. 8) reportedly cost €5.5m, with about €4.9m funded via the State Lottery, after questions over how the events were commissioned. Transport Pressure: Regional hauliers plan EU border blockades from 14 September over the 90-day Schengen stay limit for professional drivers, warning of detentions and supply-chain disruption. Hospitality Expansion: TGI Fridays signs a development deal with Devolli Group for 10 restaurants across Kosovo, Albania and North Macedonia, marking the brand’s first expansion into the three markets.

Renewables Finance: Alcazar Energy Partners has reached financial close on the 131.25MW Štip wind farm in North Macedonia, securing over €115m in senior debt from the EBRD, IFC and Erste Group, plus a local VAT facility from Sparkasse Bank AD Skopje; the project (21 turbines) has a long-term private offtake and is set to be fully operational by 2028. Energy Storage Buildout: North Macedonia has started constructing battery energy storage systems (BESS), with Solar Macedonia citing both standalone units and batteries integrated into existing solar plants, as the country scales its 2026 solar and storage pipeline. Regional Energy Connectivity: North Macedonia joined Greece-led Vertical Corridor gas initiative by signing an MoU in Thessaloniki, linking NOMAGAS with regional transmission partners to boost cross-border supply and diversification. Transport & Trade Pressure: Regional hauliers plan EU border protests from 14 September over the Schengen stay limit for Western Balkan professional drivers, warning of detentions, deportations and supply-chain disruption. Hospitality Expansion: TGI Fridays signed a development deal with Devolli Group for its first expansion into Kosovo, Albania and North Macedonia, targeting 10 restaurants across the three markets. Independence Day Costs: North Macedonia’s Independence Day celebrations for the 35th anniversary reportedly cost €5.5m, with nearly €4.9m funded via the State Lottery.

Energy & Renewables: Alcazar Energy Partners has reached financial close on North Macedonia’s 131.25MW Štip wind farm, a €180m project backed by over €115m in senior debt from the EBRD, IFC and Erste, with Sparkasse Bank AD Skopje providing a local VAT facility; construction is set to ramp up across turbines in Karbinci, Radoviš and Štip, with full operation expected by 2028. Power Storage Buildout: North Macedonia has started building battery energy storage systems (BESS) in 2026, including standalone units and batteries integrated into existing solar plants, aiming to improve PV economics and shorten payback periods. EU Integration & Diplomacy: Foreign Affairs Minister Timcho Mucunski says North Macedonia is ready to share its EU accession experience with Ukraine, while warning against intimidation and unilateral concessions during the process. Transport & Logistics: Regional hauliers plan EU border blockades from 14 September over the Schengen stay-limit for Western Balkan professional drivers, citing detentions and disruptions to supply chains. Hospitality & Retail Expansion: TGI Fridays signs a development deal with Devolli Group for its first expansion into Kosovo, Albania and North Macedonia, targeting 10 restaurants across the three markets. Public Spending Watch: Independence Day celebrations in North Macedonia cost €5.5m total, with nearly €4.9m funded via the State Lottery.

Renewables Finance: Alcazar Energy Partners has reached financial close on North Macedonia’s 131.25MW Štip wind farm, a €180m project backed by over €115m in senior debt from EBRD, IFC and Erste, with a local VAT facility from Sparkasse Bank AD Skopje; construction is expected to start on later phases too, with the first cluster set to power 148,000+ households and cut up to 573,000 tonnes of CO₂-equivalent annually. Energy Storage Build-out: North Macedonia has started battery energy storage systems (BESS) projects in 2026, including standalone units and batteries integrated into existing solar plants, with the 2026 energy plan approving 96 storage facilities totaling 2.2GW/4.9GWh. Gas Infrastructure: The Vertical Corridor is expanding as North Macedonia and Serbia join the gas transmission initiative via a Thessaloniki MoU, linking NOMAGAS and Transportgas Serbia to strengthen cross-border supply routes from Greece. EU Accession & Industry Policy: Foreign Minister Timcho Mucunski says Skopje is ready to share its EU accession experience with Ukraine, stressing reforms without intimidation or unilateral concessions. Hospitality & Retail Growth: TGI Fridays signs a development deal with Devolli Group for its first expansion into Kosovo, Albania and North Macedonia, targeting 10 restaurants across the three markets. Transport Pressure: Regional hauliers plan EU border blockades from 14 September over the 90-day Schengen stay limit for Western Balkans professional drivers. Local Business Watch: BA Glass Bulgaria reports weaker 2025 sales for bottles and jars amid soft European demand, while keeping North Macedonia among its export markets.

Renewables Finance: Alcazar Energy Partners has reached financial close on the 131.25MW Štip wind farm, securing over €115m in senior debt from EBRD, IFC and Erste, plus a local VAT facility, with construction of the first phase expected to start soon and full operation targeted for 2028. Energy Storage Buildout: North Macedonia’s BESS market is moving from plans to sites, with Solar Macedonia citing both standalone battery projects and battery add-ons to existing PV plants, alongside approvals for large-scale PV and storage capacity under the 2026 energy construction plan. Gas Infrastructure: The Vertical Corridor is widening as North Macedonia’s NOMAGAS and Transportgas Serbia join the regional gas initiative via an MoU in Thessaloniki, aiming to strengthen cross-border connectivity and supply security from Greece onward. Hospitality & Retail Expansion: TGI Fridays is entering North Macedonia (and the wider Balkans) through a development deal with Devolli Group to open 10 restaurants across Kosovo, Albania and North Macedonia. EU Logistics Pressure: Regional hauliers plan EU border blockades from 14 September over the 90-day Schengen stay limit for Western Balkans professional drivers, warning of detention and supply-chain disruption. Industry & Trade Context: North Macedonia says it’s ready to share EU accession reform experience with Ukraine, while separate reporting highlights growing interest in energy and agriculture cooperation with Russia.

Renewables Finance: Alcazar Energy Partners has reached financial close on the 131.25MW Štip wind farm in North Macedonia, securing over €115m in senior debt from the EBRD, IFC and Erste Group, with Sparkasse Bank AD Skopje providing a local VAT facility; the project is set to be fully operational by 2028 and is part of a wider cluster up to 396MW across Karbinci, Radoviš and Štip. Energy Storage Buildout: North Macedonia’s BESS market is moving from plans to construction, with Solar Macedonia saying 2026 approvals include both standalone battery systems and batteries integrated into existing PV plants, aiming to improve project economics via energy arbitrage. Gas Infrastructure: NOMAGAS and Serbia’s Transportgas Serbia have joined the Vertical Gas Corridor via a Thessaloniki MoU, strengthening cross-border gas connectivity and access to LNG supply routes through Greece. EU Accession Diplomacy: Foreign Minister Timcho Mucunski says Skopje is ready to share its EU reform experience with Ukraine, while warning against intimidation and unilateral concessions during accession talks. Transport & Logistics Pressure: Regional hauliers plan EU border blockades from 14 September over the 90-days-in-180-day Schengen stay limit for professional drivers, citing detentions and supply-chain disruption. Industry & Trade: BA Glass reports weaker 2025 sales for bottles and jars amid a soft European market, while still exporting across the region including North Macedonia. Hospitality Expansion: TGI Fridays signs a development deal with Devolli Group for 10 restaurants across Kosovo, Albania and North Macedonia, marking the brand’s first expansion into the three markets.

Renewables Finance: Alcazar Energy Partners reached financial close on the 131.25MW Štip Wind Farm in North Macedonia, securing over €115m in senior debt from EBRD, IFC and Erste, with Sparkasse Bank AD Skopje providing a local VAT facility; the project (21 turbines) targets full operation by 2028 and aims to power 148,000+ households. Energy Storage Buildout: North Macedonia’s BESS market is starting to scale, with Solar Macedonia citing standalone and PV-integrated battery projects; the 2026 energy construction plan approved 59 solar projects (3GW+) and 96 storage facilities (2.2GW/4.9GWh). Gas Infrastructure: North Macedonia and Serbia formally joined the Vertical Gas Corridor via a Thessaloniki MoU, expanding cross-border gas transmission and improving access to southern supply routes through Greece. Hospitality & Retail Expansion: TGI Fridays signed a development deal with Devolli Group for its first expansion into Kosovo, Albania and North Macedonia, with 10 planned restaurants and exclusive sub-franchise rights across the territory. Manufacturing Watch: BA Glass reported weaker 2025 sales for bottles and jars amid soft European demand, while noting higher production from efficiency gains at its renovated Plovdiv furnace. EU Accession Diplomacy: Skopje says it’s ready to share EU accession experience with Ukraine, stressing reforms without intimidation or unilateral concessions.

Hospitality Expansion: TGI Fridays signs a landmark development deal with Devolli Group to open 10 restaurants across Kosovo, Albania and North Macedonia, marking the brand’s first expansion into the Balkans under a franchise-first growth push. Energy Storage Build-out: North Macedonia’s BESS market is starting to develop fast, with Solar Macedonia saying 2026 plans include both standalone battery systems and batteries integrated into existing solar plants to improve arbitrage and investment returns. Gas Infrastructure Push: North Macedonia (NOMAGAS) and Serbia (Transportgas Serbia) formally join the Vertical Gas Corridor via an MoU in Thessaloniki, aiming for stronger south-to-north supply options through Greece and access to LNG routes. Cross-border Logistics Pressure: Regional hauliers from Bosnia and Herzegovina, Serbia, Montenegro and North Macedonia announce EU border blockades from 14 September over the 90-day Schengen stay limit for Western Balkan professional drivers. Local Industry Watch: A Dutch lottery operator escalates action against offshore gambling platform Skyhills, with corporate links reported across multiple jurisdictions including North Macedonia.

Hospitality Expansion: TGI Fridays signed a landmark development deal with Devolli Group for its first-ever expansion into Kosovo, Albania and North Macedonia, with Devolli set to build 10 restaurants and hold exclusive sub-franchise rights across the territory. Energy Infrastructure: North Macedonia has started building battery energy storage systems (BESS), including standalone units and storage integrated into solar plants, aiming to improve PV economics through energy arbitrage. Gas Market Push: The government asked MEMO to prepare a plan for a natural gas market operator, covering organisational, technical, IT, legal and financial steps, to support upcoming interconnectors with Greece and Serbia. Regional Gas Connectivity: North Macedonia and Serbia formally joined the Vertical Gas Corridor, signing an MoU in Thessaloniki to strengthen cross-border gas flows and diversify supply routes toward LNG access via Greece. Transport & Logistics Pressure: Regional hauliers plan EU border blockades from 14 September over the Schengen stay-limit for Western Balkan professional drivers, warning of detentions and disruption to supply chains. Business & Compliance: Dutch lottery operator Nederlandse Loterij escalated action against unlicensed gambling platform Skyhills, seeking to identify the ultimate controllers behind offshore structures linked to North Macedonia.

Balkan Energy Infrastructure: North Macedonia and Serbia have formally joined Greece-led Vertical Gas Corridor, signing a memorandum in Thessaloniki on Sept. 4 that brings NOMAGAS and Transportgas Serbia into the transmission network and boosts options for diversified gas supply, including access via Greece’s LNG terminals. Energy Market Setup: Skopje has asked electricity market operator MEMO to prepare a plan for creating a natural gas market operator, covering organisational, technical, IT, legal and financial steps as interconnectors with Greece (mid-2027) and Serbia (end-2028) come online. Cross-Border Logistics Pressure: Regional hauliers plan EU border blockades starting Sept. 14, protesting the Schengen stay limit for Western Balkan professional drivers and warning of detentions, deportations and supply-chain disruption. Hospitality & Food Industry: TGI Fridays™ signed a development deal with Devolli Group to expand into Kosovo, Albania and North Macedonia—its first Balkans push in the region. Gambling Enforcement: Dutch regulator Nederlandse Loterij escalated action against Skyhills, including operators and directors linked to offshore structures spanning multiple jurisdictions, with North Macedonia among them. Finance & Risk Watch: Hungary opened a criminal probe into Eximbank deals, including a controversial €1bn loan to North Macedonia, after an internal audit flagged alleged irregularities.

Energy Infrastructure: North Macedonia and Serbia have formally joined Greece-led Vertical Gas Corridor, signing a memorandum in Thessaloniki on Sept. 4 that brings NOMAGAS and Transportgas Serbia into the regional gas transmission network and aims to boost security of supply and bidirectional capacity. Market Setup: Skopje also tasked electricity market operator MEMO to prepare a plan for creating a natural gas market operator, covering organisational, technical, IT, legal and financial steps, as interconnectors with Greece (mid-2027) and Serbia (end-2028) move toward operation. Finance & Risk: Hungary opened a criminal investigation into Eximbank after an internal audit flagged irregularities, including a controversial €1bn loan to North Macedonia, with police seizing thousands of pages of documents. Industry & Trade: A report on EU fruit and vegetable residue checks highlights where third-country suppliers underperform, naming Turkey as the worst performer for interceptions and flagging Albania among those with notable issues. Gambling Regulation: Dutch authorities escalated action against unlicensed online gambling by targeting Skyhills, seeking to identify the offshore corporate control behind the platform, with links including North Macedonia. Film & Production: North Macedonia’s Teona Strugar Mitevska is developing Petra Doesn’t Want to Die, while Kosara Mitić’s 17 was selected as the country’s Academy Awards entry.

Energy Infrastructure: North Macedonia and Serbia have formally joined the Vertical Gas Corridor, with a memorandum signed in Thessaloniki that extends the pipeline network north from Greece and boosts access to LNG routes via Greek terminals. Market Design: The government has asked MEMO to prepare a plan to set up a natural gas market operator, covering organisational, technical, IT, legal and financial steps, as gas interconnectors with Greece (mid-2027) and Serbia (end-2028) move toward operation. Regional Energy Diplomacy: Greece and Balkan partners also signed an MoU to extend the corridor toward North Macedonia and Serbia, positioning the region for more flexible, bidirectional gas flows. Finance & Risk: Hungary has opened a criminal investigation into Eximbank deals, including a controversial €1bn loan to North Macedonia, after internal audits flagged alleged irregularities. Industry & Jobs: Foreign workers are filling labour gaps as North Macedonia grapples with unemployment. Culture & Film Industry: Manaki Brothers 2026 announced its competition lineup, while North Macedonia selected the film “17” as its Academy Awards candidate. Food & Trade: Reports highlight weak Greek grape demand and price pressure, with competition including North Macedonia’s own production.

Energy Diplomacy: North Macedonia is signaling interest in deeper cooperation with Russia across energy, agriculture and investment, with officials pointing to stable supply needs and export opportunities. Gas Infrastructure: North Macedonia and Serbia have joined the Vertical Gas Corridor, formalized via a memorandum in Thessaloniki, tying Skopje’s gas interconnector plans to access through Greece and LNG terminals. Market Setup: The government has asked MEMO to prepare a plan to establish a natural gas market operator, covering legal, technical and IT steps as gas infrastructure ramps up. Regional Energy Forum: The 10th Southeast Europe Energy Forum in Thessaloniki is set to bring together energy ministers and investors, with North Macedonia’s energy leadership among the key participants. Finance & Industry Risk: Hungary has opened a criminal investigation into Eximbank deals, including a €1bn loan to North Macedonia, after document seizures tied to alleged mismanagement. Film & Culture Industry: Manaki Brothers 2026 unveiled its competition lineup, while North Macedonia’s Teona Strugar Mitevska is developing a new feminist feature and Kosara Mitić’s “17” was selected as the country’s Academy Awards entry.

Energy Infrastructure: North Macedonia and Serbia have formally joined Greece’s Vertical Gas Corridor, with a memorandum signed in Thessaloniki to extend northbound gas flows and widen supply options via Greece and LNG access. Market Setup: The government has asked MEMO to prepare a full plan to establish a natural gas market operator, covering legal, technical, IT and financial steps, as interconnectors with Greece (mid-2027) and Serbia (end-2028) move toward delivery. Regional Projects: Greece and Balkan partners also signed an MoU to expand the corridor toward North Macedonia and Serbia, aiming for stronger cross-border interconnections and bidirectional transmission. Finance & Risk: Hungary has opened a criminal investigation into Eximbank deals, including a controversial €1bn loan to North Macedonia, after document seizures tied to alleged mismanagement. Logistics Pressure: Western Balkan professional truckers protested Schengen’s 90-days-in-180 rule, warning of new freight blockades from September 14 over limits they say threaten regular EU haulage. Defence Industry: North Macedonia’s ammo maker Demirovski is described as competing with Serbia’s Prvi Partizan, with ongoing scrutiny around earlier cases.

Energy Infrastructure: North Macedonia and Serbia have joined Greece’s expanding Vertical Gas Corridor, with a memorandum signed in Thessaloniki alongside regional transmission operators, giving Skopje access to southern supply routes via Greece and LNG terminals at Revithoussa and Alexandroupolis. Gas Market Reform: The government has asked electricity market operator MEMO to prepare a plan for a natural gas market operator covering organisational, technical, IT, legal and financial steps, aiming to build an integrated electricity-and-gas market ahead of interconnector start dates. Regional Energy Projects: A separate report says a North Macedonia–Serbia gas interconnector contract has been signed, reinforcing the push for cross-border capacity and bidirectional flows. Finance & Risk: Hungary has opened a criminal investigation into Eximbank deals, including a controversial €1bn loan to North Macedonia, after internal audits flagged alleged irregularities. Logistics Pressure: Western Balkan professional truckers protested Schengen’s 90-days-in-180 rule, warning of new freight blockades from September 14 if no exemptions or higher limits are agreed. Agribusiness: Greek grape sales are described as “very, very bad,” with low prices blamed on heavy competition from Italy, Spain, and also grapes sold from North Macedonia and other regional producers. Culture & Film: Macedonian director Teona Strugar Mitevska is developing “Petra Doesn’t Want to Die,” while Kosara Mitić’s debut “17” has been selected as North Macedonia’s Oscar bid.

Energy Infrastructure: North Macedonia and Serbia formally joined the Vertical Gas Corridor after a memorandum signed in Thessaloniki, adding NOMAGAS and Transportgas Serbia to the network and widening access to southern supply routes via Greece. LNG & Interconnectors: The expansion is tied to the North Macedonia–Greece gas interconnector and the ability to reach LNG terminals at Revithoussa and Alexandroupolis, boosting diversification for a landlocked market. Market Design: The government has asked electricity market operator MEMO to prepare a plan to set up a natural gas market operator, covering organisational, technical, IT, legal and financial steps. Regional Energy Forum: The corridor push was discussed at the Southeast Europe Energy Forum, with ministers and operators highlighting bidirectional capacity and cross-border coordination. Finance & Risk: Hungary opened a criminal probe into Eximbank deals, including a €1bn loan to North Macedonia, after document seizures and allegations of abuse of office and mismanagement. Logistics Pressure: Western Balkan professional truckers escalated protests over Schengen’s 90-days-in-180 rule, warning of new freight blockades from September 14. Industry & Talent: Foreign workers are filling labour gaps as North Macedonia grapples with unemployment, pointing to ongoing workforce pressure across sectors.