TotalEnergies inks investment deal for 1-GW wind project in Kazakhstan

TotalEnergies SE (EPA:TTE) has signed the agreement on investment with Kazakhstan’s energy ministry for its 1-GW Mirny onshore wind and battery storage project in the Central Asian country, the French energy group said on Monday at COP28 in Dubai.

Mirny, representing an estimated investment of approximately USD 1.4 billion (EUR 1.29bn), will feature up to 160 wind turbines and a 600-MWh battery energy storage system (BESS). TotalEnergies will develop the project in partnership with the Kazakhstani wealth fund Samruk-Kazyna and national company KazMunayGas. Each Kazakh partner will hold a 20% stake in the project.

“The signing of this Agreement on Investment will allow to launch the Mirny project, which will help TotalEnergies triple its power generation from 33 TWh to more than 100 TWh by 2030,” said TotalEnergies CEO Patrick Pouyanne.

This investment agreement follows an earlier power purchase agreement (PPA) secured for Mirny's output in June 2023 by TotalEnergies affiliate Total Eren. Under the terms of the PPA, all electricity generated by the Mirny facilities will be purchased and injected into the grid by the government-owned Financial Settlement Centre of Renewable Energy.

(USD 1.0 = EUR 0.923)

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