TotalEnergies approves $1.2B investment in Kazakh green project
The Mirny project consists of a 1 GW onshore wind farm totaling 150 turbines, combined with a 600 MWh battery energy storage system supplied by TotalEnergies’ wholly owned affiliate Saft, for a reliable power supply to the national grid.
French company TotalEnergies has taken the Final Investment Decision and secured financing for the Mirny onshore wind and BESS project in Kazakhstan. Located in the southeast of the country, Mirny should generate 100 TWh of renewable electricity over 25 years, enough to supply about 1 million people in Kazakhstan, TotalEnergies said in a press release.
The electricity produced will be sold to the Government of Kazakhstan under a 25-year Power Purchase Agreement (PPA) signed in 2023. The project’s investment amounts to USD 1.2 billion, with about 75% externally financed.
The Mirny project consists of a 1 GW onshore wind farm totaling 150 turbines, combined with a 600 MWh battery energy storage system supplied by TotalEnergies’ wholly owned affiliate Saft, for a reliable power supply to the national grid. The inclusion of a storage facility will enhance grid stability and represents a significant upgrade to the country’s energy infrastructure. TotalEnergies holds 60% of Mirny, jointly with its partners Samruk Energy and KazMunayGas (20 % each), the press release said.
TotalEnergies and its partners signed a Common Terms Agreement (CTA) with an international lending consortium, securing a financing framework for the Mirny project. The lending consortium includes EBRD, Proparco, DBK, DEG, Société Générale, QNB Group, China Construction Bank, and Standard Chartered.
“We are delighted to launch one of Kazakhstan’s largest renewable energy initiatives to date, thereby contributing to the country’s target of increasing the share of renewables in electricity generation to 15% by 2030. We look forward to advancing construction of the Mirny project alongside our partners and in cooperation with the Kazakhstani authorities,” said Olivier Jouny, SVP Renewables at TotalEnergies. “This 1 GW onshore wind farm will also contribute to the 9 GW renewables portfolio that we are combining with Masdar through a 50/50 joint venture across nine Asian countries, including Kazakhstan.”
