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About the project

AIM GREEN TECH represents a balanced and innovative energy solution and is part of the comprehensive strategy for revolutionising the energy sector of the Republic of North Macedonia. The strategic investment project “AIM GREEN TECH” focuses on a balanced and innovative approach in the highly needed energy transition of the Republic of North Macedonia towards sustainable, clean, and even zero-emission energy sources such as hydrogen, providing a healthier environment for its citizens.

The strategic investment project envisages a solution through the construction, on industrial lands owned by AIM GREEN TECH, of innovative energy production in at least six locations/communities across North Macedonia.

150 Mw/h PV energy

Construction of solar installations - photovoltaic panels with a combined maximum peak capacity of 150 Mw/h.

25 + 25 Mw/h gas engine power

Installation of modern gas engines (adaptable to hydrogen), Base load of 25 Mw/h and a cold reserve of 25 Mw/h, balancing the grid, especially during the night and days with low sunlight.

Battery systems

Optional battery technology system specifically useful for peak shaving and micro-balancing of the electrical grid

174 milion
euros

We estimate that the total investment in North Macedonia will be approximately
174 million euros.

Renewable future

Greater energy independence, better environmental protection and less air pollution in the Republic of North Macedonia

Decentralised power

Developing in 6 locations throughout the country, on industrial lands purchased by our company.

Reduction in energy prices

Prices of energy are based on Hupex / TTF exchanges with 30% reduction in the price of electricity sold.

PROJECT TIMELINE

Phase 1 - 149 milion euros

Worth 149 million euro of foreign direct investment, projected to be put into operation in no longer than two years and foresees the construction of solar installations, more specifically photovoltaic panels with a combined maximum peak capacity of 150 Mw/h in at least 6 locations throughout the country, namely but not limited to: Negotino, Petrovec, Mogila, Gevgelija, Ilinden, and Kichevo, as well as the procurement and installation of gas engines, with a capacity of 25 Mw providing a continuous “base load”, thus balancing the electricity production especially during the night and on days when there is no sun. These engines can also be adapted to run on hydrogen, making them future-proof. Beside the installation of the above-mentioned equipment, this phase includes the implementation of the energy management software and all the infrastructure needed for a smooth deployment such as buildings, roads, fences, pipes, cables, transformer installations, etc.

Phase 2 - 25 milion euros

Worth 25 million euro, of foreign direct investment provides for the installation of supplementary gas engines with an additional reserve capacity of 25 Mw/h placed in “cold reserve”, meaning they are in permanent “stand-by” mode and can be put into operation whenever the Republic of North Macedonia needs it. This “cold energy reserve” is providing a welcomed tactical and strategic advantage to the state, enabling grid balancing in emergency situations or even when implementing more (unbalanced) renewables from other sources, and it creates a defense against potential pressure from neighboring countries controlling partially North Macedonia’s energy supply. The engines are modular, meaning this second phase could even be extended in various additional phases onwards increasing the capacity in case of further needs.

We forese the possibility of installing an optional battery technology system specifically useful for peak shaving and micro-balancing of the electrical grid. The battery system, combined with all other mentioned technologies would result in reliable, balanced, decentralised, and sustainable electricity production.

Total value of the direct foreign investment is
174 million euros

Modern gas engines

AIM GREEN TECH is at the forefront of sustainable energy innovation, with our gas engines playing a pivotal role in the transition towards a greener future. These engines are not just a source of clean energy; they are a bridge to the future, designed with compatibility for hydrogen fuel to ensure long-term viability and adaptability to upcoming energy sources. Highlighting their future-proof nature, these engines have been engineered to seamlessly transition to hydrogen, a testament to our commitment to innovation and environmental stewardship.

The strategic deployment of these gas engines extends beyond energy production; it embodies our dedication to enhancing community well-being and environmental health. The co-generated heat from these engines offers a dual benefit, serving as a sustainable energy source for heating and cooling in local government units, communities, and businesses. Their modular design facilitates scalable expansion, aligning perfectly with the nation’s energy independence goals and the broader vision for a decarbonized future in compliance with EU directives. 

Through AIM GREEN TECH, we are not just powering homes and businesses; we are powering a sustainable, independent, and prosperous future for North Macedonia.

Win-win for North Macedonia

The realization of the investment project “AIM GREEN TECH” aims to provide sustainable, renewable, balanced, and decentralized energy solutions adapted to the future, for the Republic of North Macedonia and various end users. This approach significantly contributes to strengthening the energy independence of the Republic of North Macedonia and reducing the need to import electricity from neighboring countries.


The realization and implementation of the strategic investment project “AIM GREEN TECH”, will create new jobs for a highly educated workforce such as energy software and energy management engineers, but it will also create specific “technical skill” jobs, such as mechanics, installers, plumbers and welders. Again, these job-openings will be de-centralized, providing job opportunities across the country. “AIM GREEN TECH” commits to keep the salaries well above the minimum salary in the Republic of North Macedonia.

The strategic investment project “AIM GREEN TECH” provides a decentralized solution closer to the end consumer and avoids losses during electricity transmission, creating a spread investment throughout the entire country beneficial to many local communities. Additionally, the reduction of concentrated peak loads on the existing power grid reduces the need to heavily invest in new high-power cables which causes health, environmental, and social risks.

The co-generated heat, obtained from the gas engines can be used by local government units, local communities, and businesses. Contrary to common beliefs the heat can also be converted into cooling through absorption chillers, with an abundance of applications of use, which further contributes to the reduction of ambient air pollution and can provide a better life standard to the citizens. The heating and cooling of schools, town halls, and homes is a possible next step.

Agriculture can be another example of use, where hot water can be of significant importance in connection with greenhouse farming, and cold water can be used in the much-needed development of refrigerated warehouses to keep agricultural products fresh, enabling farmers to store agricultural products longer and providing more time to harvest. This multi-advantage aspect cannot be underestimated and will make North Macedonia an example for many other nations.

Funding

All funds necessary for the realization of the strategic investment project AIM GREEN TECH will be provided by the strategic investor, meaning the investor does not require additional funds from the Budget of North Macedonia for the realization of the project.

The Strategic Investor at its own expense obtains all necessary decisions, resolutions, licenses, authorizations, certificates, approvals, consents and other documents and acts for the realization of the strategic investment project, in accordance with the Law.

As security for the realization of the strategic investment project, the strategic investor has provided a bank guarantee of 5.220.000 euros.
The Law on the realization of the strategic investment project “AIM GREEN TECH” provides for a Power Purchase Agreement (PPA) between the strategic investor AIM GREEN TECH and JSC Power plants of North Macedonia-ESM with a period of 30 years, of which the last five years an additional discount of 15% will be applied.

The price of the provided BALANCED energy will be much more favorable than that of the electricity which is now procured through the open market. 

The basis for calculating the value of the energy supplied through photovoltaics technology will be the HUPEX exchange with a reduction of 30%, whereby the lower threshold will be 65 and the upper 90 euros per Mw/h. The price obtained through gas engine technology will be calculated with a formula based on the Dutch TTF exchange, which is the leading benchmark price for the EU and beyond (the TTF is based on a gas trading volume 14x bigger than the domestic consumption of the Netherlands). The price for the “Cold-energy-reserve” backup will be 36 euro per MW/h and the optional battery system for micro-balancing of the grid would be available at 10 euro per Mw/h per hour.

AIM Green Tech will be exempt from profit tax in the first 10 years of operation, because it will take more then 10 years for the investment to yield profit. This is a standard operating practice for direct foreign investments in North Macedonia.

The Law also foresees that the strategic investor will pay 1 euro per MW/h produced to the Development Fund organized by the Development Bank of North Macedonia, every 6 months for the entire duration of the operations of the project.