Schoenherr has advised Green for Growth Fund (GGF), a debt fund, on its financing of OSM SOLAR DOOEL Skopje for the development of a battery energy storage system (BESS) at an existing solar power plant in North Macedonia.

The transaction represents one of the first grid-scale battery energy storage investments in North Macedonia and the Western Balkans.

Deal overview

The project 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.

According to Schoenherr, 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.

Significance for the region's energy transition

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.

Andrea Lazarevska, who led the Macedonian law workstream, said the 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.

She added that the firm was proud to have advised GGF on the complex transaction, which also sets an important precedent for future investments in large-scale energy storage projects in North Macedonia and the wider region.

Cross-border team spanning Vienna and Skopje

Attila K Csongrady, partner at Schoenherr, said the transaction highlights the firm's agility in advising debt funds on complex English-law work from its own platform across the region.

With what the firm describes as the broadest legal advisory footprint in CEE, it combines 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.

The advisory work was split across two legal systems. 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.

Context: from coal to storage

The siting of the battery system at the Oslomej solar plant on a former coal mine underscores the repurposing theme of the wider initiative of which the solar plant forms part.

With the Western Balkans Investment Framework having recognised the plant among its 17 flagship investments, the newly financed BESS extends the site's transformation from coal-based generation towards renewable energy and storage.

For GGF, the financing adds to its activity as a debt fund in the region's energy sector, with Schoenherr acting on both the English law financing documentation and the local law elements required to complete the transaction in North Macedonia.

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