TotalEnergies invests in a $1.2 billion energy project in Kazakhstan

French energy giant TotalEnergies announced on Friday that it will invest $1.2 billion in a Kazakhstan onshore wind project and energy storage system. The company plans to sell electricity produced to the government of Kazakhstan under a 25 year agreement signed in 2023. The Mirny Project, scheduled to?reach full capacity in?2029, will combine one gigawatt of wind capacity with 600 Megawatt Hours of battery energy storage. This is enough to provide electricity for about 1,000,000 people in Kazakhstan.

In a press release, Olivier Jouny said that the?launch of this project will contribute to Kazakhstan's goal of increasing the share of renewables (in electricity generation) by 15% by 2030.

TotalEnergies reported that approximately 75% of the investment was financed by an agreement with a consortium of international banks and entitites, including the European Bank of Reconstruction and Development, Societe Generale, and China Construction Bank.

TotalEnergies controls 60% of the project with its partners, Samruk Energy and KazMunayGas.

TotalEnergies has more than 34?GW in gross renewable power generation capacity at the start of 2026. It aims to produce more than 100?terawatt-hours of net electricity by 2030. (Reporting and editing by Milla Nissi-Prussak, with Mateusz Rabiega)

(source: Reuters)