French energy major TotalEnergies on Friday said it would invest in a Kazakhstan-based onshore wind and energy storage project, valued at $1.2 billion, and plans to sell the produced electricity to the country's government under a 25-year agreement signed in 2023. The Mirny project, which is scheduled to reach full capacity in 2029, combines one gigawatt of wind capacity with 600 megawatt hours of battery energy storage, enough to supply about 1 million people in Kazakhstan, Reuters quoted the company as saying. The launch of the project would contribute to Kazakhstan's target of increasing the share of renewables in electricity generation to 15% by 2030, Olivier Jouny, senior vice president for renewables at TotalEnergies, said in a statement. Roughly 75% of the investment is financed externally through an agreement with an international consortium made of eight banks and entities, including the European Bank for Reconstruction and Development, Société Générale and China Construction Bank, TotalEnergies said. TotalEnergies, jointly with partners Samruk Energy and KazMunayGas, controls a 60% stake in the project. At the beginning of 2026, TotalEnergies had more than 34 GW of gross renewable power generation capacity, and it aims to achieve more than 100 terawatt hours of net electricity production by 2030.
