LA DEFENSE (dpa-AFX) - Multi energy company TotalEnergies (TTE), announced on Friday that it has signed a power purchase agreement or PPA for the Mirny project. The project aims to build a 1 GW onshore wind farm along with a 600 MWh battery energy storage system in the Zhambyl region. The investment is around $1.4 billion.
It is the largest wind energy initiative undertaken in Kazakhstan as per the company.
The entire electricity produced from this project will be sold to the Government of Kazakhstan, for the supply of the national grid. Mirny project will provide electricity to one million people.
'TotalEnergies will develop the Mirny project in partnership with the National Wealth Fund Samruk-Kazyna and the National Company KazMunayGas, which will each own a 20% stake in the project.', the company stated.
The project will consist of around 200 turbines and will be supported by both the Kazakh and French authorities. It is expected to help the Kazakh Government in achieving its target of 15% of electricity from renewable sources by 2030. It will also avoid the emission of CO2 by approximately 3.5 million tons annually.
On Thursday, shares of TotalEnergies closed at $54.49, up 0.93% or $0.55 on the New York Stock Exchange.
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