April 24 (Reuters) - French energy major TotalEnergies on Friday agreed to invest in a Kazakhstan-based onshore wind and energy storage project valued at $1.2 billion, with roughly 75% of it financed
TotalEnergies approves Kazakh renewable project despite disputes
TotalEnergies Moves Forward with Major Wind Farm Investment in Kazakhstan
By America Hernandez and Mateusz Rabiega
April 24 (Reuters) - French oil major TotalEnergies on Friday approved a $1.2 billion investment in a 1 gigawatt wind farm in Kazakhstan, pressing ahead despite ongoing legal disputes in the country.
Legal Challenges Facing TotalEnergies
The final investment decision on the Mirny project comes as TotalEnergies contests a $4.6 billion environmental fine and a multibillion-dollar cost dispute linked to the giant Kashagan offshore oilfield in the Caspian Sea, which it operates in a consortium with several other majors.
Comparison with Other Oil Majors
TotalEnergies' decision to press ahead contrasts with Shell, a Kashagan consortium partner that has paused further investment in Kazakhstan because of the disputes.
Details of the Mirny Wind Farm Project
Mirny will include a 600 megawatt-hour battery system. TotalEnergies will hold a 60% stake, with Kazakh state‑owned KazMunayGas and Samruk Energy each owning 20%.
Financing and Partnerships
The project will be folded into a 50/50 Asian renewables partnership TotalEnergies is forming with Emirati firm Masdar, allowing it to share its investment costs. About 75% of the project is externally financed and it is expected to reach full capacity in 2029.
TotalEnergies’ Broader Renewable Energy Strategy
TotalEnergies is expanding its 31 GW renewables portfolio, already the largest among oil majors, and is targeting 100 GW of gross installed capacity by 2030. Part of that growth will come from supplying renewable systems to oil and gas clients, including a flagship multi-energy project in Iraq combining seawater desalination, solar power and flared gas recovery.
Commitment to Renewable Energy in Kazakhstan
Statements from TotalEnergies Leadership
"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 ... in cooperation with the Kazakhstani authorities," said Olivier Jouny, senior vice president of renewables, in a statement.
(Reporting by Mateusz Rabiega in Gdansk. Editing by Milla Nissi-Prussak and Mark Potter)
