• $1.2 billion investment combines 1 GW wind capacity with 600 MWh battery storage to stabilise Kazakhstan’s power system
• 25-year government-backed offtake agreement provides long-term revenue certainty and reduces investment risk
• Project supports Kazakhstan’s target of 15% renewable electricity by 2030 and net-zero emissions by 2060

A Strategic Bet On Central Asia’s Energy Transition

In southeast Kazakhstan TotalEnergies has approved and financed a large-scale wind and storage project designed to reshape the country’s power mix and improve grid resilience.

The $1.2 billion Mirny development combines a 1 GW onshore wind farm with a 600 MWh battery storage system. The project will deploy 150 turbines and is expected to generate enough electricity to supply around one million people over its lifetime.

TotalEnergies holds a majority stake, alongside state-linked partners Samruk Energy and KazMunayGas. The electricity produced will be sold under a 25-year agreement with the Kazakh government, offering predictable long-term cash flows.

For investors, the structure reflects a familiar model in emerging markets. Sovereign-backed offtake agreements reduce revenue volatility and help unlock large-scale capital for infrastructure that would otherwise face higher risk premiums.

Storage Anchors Grid Stability

The integration of battery storage is central to the project’s value. Kazakhstan’s power system remains heavily dependent on coal, with limited flexibility to absorb intermittent renewable generation.

By pairing wind capacity with a 600 MWh storage system, the project aims to smooth output and support grid reliability. This is increasingly critical as countries accelerate renewable deployment without fully modernised transmission networks.

Battery systems also allow operators to shift energy supply to peak demand periods, improving efficiency and reducing reliance on fossil fuel peaking plants.

For policymakers, this hybrid model offers a pathway to scale renewables without compromising system stability. It also aligns with broader global trends, where storage is becoming essential to integrating variable renewable energy at scale.

Financing Signals Confidence In Market Conditions

Approximately 75% of the project’s financing is structured as debt, backed by an international consortium that includes the European Bank for Reconstruction and several major financial institutions.

The involvement of multilateral lenders is significant. It lowers borrowing costs, enhances project credibility, and signals confidence in Kazakhstan’s regulatory environment.

Blended financing structures like this are increasingly used to de-risk large infrastructure investments in emerging markets. They help attract private capital while ensuring alignment with development and climate goals.

For institutional investors, the Mirny project demonstrates how public and private capital can converge to deliver bankable clean energy assets in regions that are still early in their transition.

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Aligning With National And Corporate Climate Goals

Kazakhstan has set a target to increase the share of renewables in electricity generation to 15% by 2030. It has also committed to achieving net-zero emissions by 2060.

Projects like Mirny will play a critical role in meeting both targets. They reduce dependence on coal while building the infrastructure needed for a more flexible and diversified energy system.

For TotalEnergies, the development supports its broader strategy of expanding low-carbon electricity capacity, particularly in emerging markets where demand growth is strongest.

The company operates across oil, gas, renewables, and electricity in around 120 countries. In Kazakhstan, it has been active since 1993 and maintains a diversified portfolio that includes hydrocarbon production, solar assets, and stakes in major projects such as the North Caspian development.

Globally, TotalEnergies has built more than 34 GW of gross renewable capacity and is working to scale its electricity output significantly by 2030. The Mirny project adds to a growing pipeline of wind, solar, and storage assets aimed at balancing energy security with decarbonisation.

What This Means For Executives And Investors

For C-suite leaders and investors, the Mirny project highlights three clear trends shaping the energy transition.

First, hybrid renewable projects that combine generation with storage are becoming the standard for new developments, particularly in markets with ageing grids.

Second, long-term government-backed agreements remain essential for unlocking capital at scale in emerging economies.

Third, multilateral financing continues to play a pivotal role in reducing risk and crowding in private investment.

As countries like Kazakhstan move to diversify their energy mix, projects of this scale will define the pace and credibility of their transition. For global energy companies, they also offer a pathway to growth that aligns with both climate targets and long-term demand fundamentals.

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