North Macedonia: Schoenherr advises Green for Growth Fund on project financing of landmark BESS project

The project represents one of the first grid-scale battery energy storage investments in North Macedonia and the Western Balkans. It involves the installation of a 50 MW / 200 MWh battery storage system at the Oslomej solar power plant, located on the site of a former coal mine. The existing solar plant is part of a wider initiative to transform former coal-based energy infrastructure into renewable energy facilities and has been recognised as one of 17 flagship investments under the Western Balkans Investment Framework.

The investment marks a significant step in the development of North Macedonia's energy storage infrastructure. By integrating large-scale battery storage with an existing solar power plant, the project is expected to improve grid flexibility, enable more efficient use of renewable energy and support the country's transition towards a more sustainable energy system.

"This transaction highlights our agility in advising debt funds on complex English-law work from our own Schoenherr platform across the region," said Attila K Csongrady. "With the broadest legal advisory footprint in CEE, we combine English-law depth with in-country expertise in one team – in this case, spanning Vienna and Skopje – to provide funds with a single, coordinated route on cross-border energy and storage deals."

"This financing demonstrates the importance of combining international financing expertise with in-depth local legal and regulatory knowledge, particularly in navigating North Macedonia's evolving energy regulatory framework, satisfying the conditions for drawdown and establishing and perfecting the security package under Macedonian law," said Andrea Lazarevska. "We are proud to have advised GGF on this complex transaction, which also sets an important precedent for future investments in large-scale energy storage projects in North Macedonia and the wider region."

Attila K Csongrady (Partner), Peter Redo (Counsel) and Naomi Sarah Ryan (Associate) from Schoenherr's English law debt finance practice advised on English law matters. The deal team further included Andrea Lazarevska (Partner), Jovan Barović (Partner) and Filip Srbinoski (Attorney at Law), who advised on Macedonian law matters, including energy regulatory requirements, the local law aspects of the financing documentation, and the establishment and perfection of the security package.