Coal pits
to solar plants
Coal pits
to solar plants
Recognising the need for affordable and secure energy, the Western Balkans are prioritizing renewables projects that deliver on the energy transition. In North Macedonia, the disused Oslomej coal mine has been transformed into a 50MW solar power plant—one of 17 flagship projects under the EU-backed Western Balkans Investment Framework.
Investment
Why We Invested
North Macedonia emerged from Yugoslavia with a wealth of well-developed legacy infrastructure based on lignite and hydropower. Proceeding decades, however, saw little investment, leading to falling effective capacity and increasing electricity imports.
In the wake of Russia’s invasion of Ukraine, the country urgently needed to stabilize its energy supply and reduce fossil fuel imports. By investing €25.7M in Oslomej – the Green for Growth Fund’s (GGF) second direct investment in sustainable Macedonian infrastructure – is kickstarting a powerful symbol of the country’s green transition.
Value Creation & Sustainability
The investment mobilizes private capital alongside public partners and diversifies GGF’s renewable energy portfolio. With clear risk-sharing and long-term revenue generation, the project positions investors at the forefront of the region’s structural shift towards renewable energy.
Displacing lignite with solar power cuts emissions and strengthens energy security. The project creates local jobs and helps reskill the mine’s former workforce to better participate in the green economy. Our Advisory & Capacity Building ensured compliance with international standards, embedding biodiversity protection, climate adaptation, and social safeguards into the project.
SDG's supported
