TotalEnergies (NYSE:TTE) reached a definitive milestone in its Central Asian expansion, announcing a Final Investment Decision (FID) for the Mirny wind project in Kazakhstan, a massive renewable energy hub backed by an international consortium of lenders.
The French energy giant confirmed Friday that it has secured the necessary financing for the $1.2 billion onshore wind and Battery Energy Storage System (BESS) located in southeastern Kazakhstan.
The project is a centerpiece of the company's "multi-energy" strategy, designed to generate 100 TWh of renewable electricity over a 25-year lifespan—enough to power approximately one million people.
The Mirny development features a 1 GW wind farm comprising 150 turbines, paired with a 600 MWh battery system supplied by Saft, TotalEnergies’ specialized battery subsidiary.
This integrated storage component is critical for stabilizing Kazakhstan’s national grid, which has historically relied on coal-fired baseload power.
TotalEnergies holds a 60% stake in the venture, with state-owned partners Samruk Energy and KazMunayGas each holding 20%.
Financing for the project reflects a complex international collaboration, with 75% of the capital—roughly $900 million—provided by an external lending consortium.
The group includes the European Bank for Reconstruction and Development (EBRD), Société Générale, and China Construction Bank, among others.
The electricity will be sold under a 25-year Power Purchase Agreement (PPA) with the Government of Kazakhstan, providing the long-term revenue certainty required for such a large-scale capital outlay.
The announcement comes just days before TotalEnergies is scheduled to report its first-quarter 2026 financial results on April 29.
While the company has faced political headwinds in other regions—including a recent $928 million settlement with the U.S. government to exit certain offshore wind leases—the Mirny FID underscores a continued commitment to tripling its global power generation to 100 TWh by the end of the decade.
Construction is expected to ramp up through 2026, with full capacity targeted for 2029.