TotalEnergies Inks 25-Year Power Purchase Agreement For 1 GW Wind Project In Kazakhstan

TotalEnergies SE TTE has signed a Power Purchase Agreement for the Mirny project, confirming its commitment to Kazakhstan's energy transition.

The project, located in the Zhambyl region, aims to build a 1 GW onshore wind farm with a 600 MWh battery energy storage system for a reliable power supply. It entails a $1.4 billion investment.

The Mirny project will be developed by TotalEnergies in partnership with the National Wealth Fund Samruk-Kazyna and the National Company KazMunayGas, both of which will own a 20% stake in the project.

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The electricity generated by the Mirny project will be sold in its entirety to the Financial Settlement Center of Renewable Energy, a government-owned public corporation that will supply the national grid.

"This represents a significant milestone in TotalEnergies' multi-energy strategy. TotalEnergies will bring its expertise in managing large-scale projects to make it a success," commented Patrick Pouyanné, Chairman and CEO of TotalEnergies.

Price Action: TTE shares are trading lower by 0.89% at $58.96 on the last check Friday.