SKOPJE, North Macedonia – German renewable energy company WPD will build a $580 million wind farm in the northeast part of North Macedonia, the small Balkan country said Tuesday.
Prime Minister Zoran Zaev said the planned 415-megawatt project is the largest German investment in the country and the biggest in the field of green energy since North Macedonia declared independence from the former Yugoslavia in 1991.
Zaev said 69 wind turbines will be installed. The wind farm will supply electricity to 290,000 households once completed.
Stocks see drop as investors await data
Stocks closed lower on Wall Street after a wobbly day of trading Tuesday as investors wait for more data on inflation and corporate earnings this week.
The S&P 500 fell 10.54 points, to 4,350.65. The Dow dropped 117.72 points, to 34,378.34. The Nasdaq slipped 20.28 points, to 14,465.92. The Russell 2000 rose 13.63 points, to 2,234.27. European and Asian markets closed mostly lower.
U.S. crude oil prices closed above $80 a barrel. The yield on the 10-year Treasury fell to 1.57% from 1.60% late Friday.
Economic group downgrades outlook
The International Monetary Fund is downgrading its outlook for the global recovery, reflecting the persistence of supply chain disruptions in industrialized countries and deadly disparities in vaccination rates.
In its latest World Economic Outlook released Tuesday, the IMF foresees global growth this year of 5.9%, compared with its projection in July of 6%.
For the United States, the IMF predicts growth of 6% for 2021, below its July forecast of 7%.