AGP Executive Report

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.

Energy Infrastructure: Greece, North Macedonia and Serbia signed on the sidelines of the 10th Southeast Europe Energy Forum to extend the Vertical Gas Corridor, with NOMAGAS and Serbia’s Transportgas joining the network and committing to coordinated development, bidirectional capacity and cross-border operations. Energy Market Reform: North Macedonia asked MEMO to prepare a plan to set up a natural gas market operator, covering organisational, technical, IT, legal and financial steps, as the country pushes ahead with gas interconnectors to Greece and Serbia. Cross-Border Projects: A separate report says a North Macedonia–Serbia gas interconnector contract has been signed, reinforcing the push to connect landlocked markets to new supply routes. Finance & Risk: Hungary opened a criminal investigation into Eximbank deals, including a controversial €1bn loan to North Macedonia, after document seizures and an internal audit flagged alleged abuse of office and mismanagement. Labour & Industry: North Macedonia is increasingly hiring foreign workers despite high registered unemployment, with demand concentrated in manufacturing, construction, and accommodation/food services. Defence Industry: A North Macedonia ammo maker, Demirovski/ATS, is described as competing with Serbia’s Prvi Partizan, amid ongoing legal scrutiny in Serbia. Ukraine Reconstruction Diplomacy: Ukraine’s FM Sybiha thanked North Macedonia for appointing a special representative for postwar reconstruction.

Energy Market Reform: The government asked MEMO to prepare a full plan to set up a natural gas market operator, covering organisational, technical, IT, legal and financial steps, with quarterly progress updates; the move aims to build an integrated electricity-and-gas operator as North Macedonia pushes gas interconnectors toward Greece (mid-2027) and Serbia (end-2028). Cross-Border Energy Diplomacy: Energy Minister Iva Petrova will attend the 10th Southeast Europe Energy Forum in Thessaloniki, with North Macedonia’s U.S. envoy and other regional ministers expected to focus on energy security, affordability, regulation and investment, including renewables and storage. Foreign Labour Pressure: With unemployment near 90,000, North Macedonia is still issuing opinions for foreign workers—especially in wholesale/retail, manufacturing, accommodation/food services and construction—under a 2026 quota of 10,000 permits. Logistics & EU Access Tension: Western Balkan professional truckers, including from North Macedonia, are protesting Schengen’s 90-days-in-180 rule and threaten new border blockades from September 14 unless exemptions or higher limits are agreed. Telecom & Satellite Deal: 4iG Group and SpaceX signed agreements for Starlink Mobile connectivity across Hungary and the Western Balkans, plus “Sovereign Solutions” for secure national satellite communications capacity. Finance/Infrastructure Risk Watch: Hungary opened a criminal probe into Eximbank deals, including a €1bn loan to North Macedonia, after an internal audit flagged alleged irregularities.

Film & Creative Industries: Skopje’s “17” (Black Cat Production) has been selected as North Macedonia’s candidate for the Oscars’ Best International Feature Film, a North Macedonia–Serbia–Slovenia coproduction now backed by Totem Films ahead of Berlinale’s Perspectives. Telecom & Space: 4iG Group and SpaceX signed Europe’s first Starlink Mobile deal for mobile satellite connectivity across Hungary and the Western Balkans, plus “Sovereign Solutions” for secure national satellite communications. Energy Diplomacy: Energy Minister Iva Petrova is set to attend the 10th Southeast Europe Energy Forum in Thessaloniki, with North Macedonia’s participation highlighted among ministers and investors. Banking & Risk Controls: Hungary opened a criminal probe into Eximbank mismanagement, including a €1bn North Macedonia loan, after police seized thousands of pages tied to alleged irregularities. Labour Market: North Macedonia is increasingly issuing opinions for foreign workers despite high registered unemployment, with demand strongest in manufacturing, construction, and accommodation/food services. Transport & Logistics: Western Balkan truckers, including in Skopje, threaten new EU border blockades over Schengen 90/180 stay limits for professional drivers. Defence Industry: ATS/ Demirovski reporting points to ongoing scrutiny around North Macedonia’s ammo production and regional competition.

Energy & Investment: North Macedonia’s energy diplomacy gets a boost as Energy Minister Iva Petrova is set to attend the 10th Southeast Europe Energy Forum in Thessaloniki, where ministers will focus on energy security, affordability, renewables financing, cross-border connectivity and the role of digitalisation and data centres. Banking & Risk: Hungary has opened a criminal probe into state Eximbank deals, including a controversial €1bn North Macedonia loan, after an internal audit flagged alleged irregularities and police seized thousands of pages of documents. Gas Infrastructure: NOMAGAS signed with Rapid Build for the design and construction of the North Macedonia–Serbia gas interconnector, moving the project into implementation and strengthening regional supply links. Data Centres & Power: PM Hristijan Mickoski says North Macedonia is in talks with 5–6 investors for data centre projects, with plans tied to gas-fired generation to supply electricity. Labour Market: Despite nearly 90,000 registered unemployed, North Macedonia is increasingly hiring foreign workers, with demand strongest in trade, manufacturing, accommodation/food services and construction. Transport & EU Rules: Western Balkan truckers, including from North Macedonia, protested Schengen’s 90/180 stay limits and threaten border blockades from September 14 unless exemptions or longer stays are agreed. Defence Industry: Reporting from Serbia highlights claims that Macedonian ammo maker Demirovski is not implicated in scandals, amid ongoing scrutiny around ammunition production.

Schengen Pressure on Freight: Western Balkan professional truckers staged protests in Belgrade, Sarajevo, Podgorica and Skopje over the 90-days-in-180 rule, warning of new border blockades from Sept. 14 unless they get exemptions or higher limits. Energy Infrastructure: North Macedonia’s gas TSO NOMAGAS signed with Rapid Build for the design and construction of the 70-km gas interconnector with Serbia, moving the project into implementation and strengthening regional supply links. Data Centre Push: PM Hristijan Mickoski said North Macedonia is in talks with 5–6 investors on data centre projects, with plans tied to gas-fired power generation for electricity supply. Labour Market Reality Check: North Macedonia is increasingly hiring foreign workers despite high registered unemployment, with demand strongest in trade, manufacturing, accommodation/food services and construction. Defence Industry Watch: Reporting says Macedonian ammo maker Demirovski/ATS is not implicated in scandals in Serbia, while local defence production faces regional competition concerns. Business Regulation Abroad: Qatar approved draft laws on competition regulation and cloud computing, signalling tighter rules for markets and digital data governance.

Hungary Probe & Regional Finance: Hungarian police opened a criminal investigation into suspected abuse of office and mismanagement at state-owned Eximbank, seizing thousands of pages from the Economy and Energy Ministry after an audit flagged irregularities tied to past deals, including a €1bn general-purpose loan connected to North Macedonia. Defence Industry Watch: North Macedonia’s ammo maker Demirovski (ATS) says it is not implicated in Serbia-linked scandals, while defence sources point to competitive pressure from Serbia’s Prvi Partizan and note other cases still pending. Cross-Border Logistics Pressure: Western Balkan professional truck drivers protested Schengen’s 90/180-day stay cap, warning of new border blockades from September 14 unless exemptions or higher limits are agreed. Energy Infrastructure: NOMAGAS signed with Rapid Build for the design and construction of the North Macedonia–Serbia gas interconnector, a 70-km link aimed at boosting supply security and regional market access. Data Centres & Power Planning: PM Mickoski said North Macedonia is in talks with 5–6 investors on data centre projects, with plans involving gas-fired power generation to supply electricity for the sector. Labour Market Reality: North Macedonia is increasingly seeking foreign workers despite high registered unemployment, with demand strongest in trade, manufacturing, accommodation/food services, and construction.