COP28: TotalEnergies Signs the Agreement on Investment for its 1 GW Wind Power Project in Kazakhstan

Rhea-AI Summary

TotalEnergies (TTE) signs Agreement on Investment for Mirny project in Kazakhstan, the largest wind energy project in the country, aiming to supply low-carbon electricity to over 1 million people and reduce CO2 emissions by 3.5 million tons annually.

Positive

• Largest wind energy project in Kazakhstan
• Low-carbon electricity for over 1 million people
• Reduction of 3.5 million tons of CO2 annually

Negative

• None.

PARIS--(BUSINESS WIRE)-- Regulatory News:

TotalEnergies (Paris:TTE) (LSE:TTE) (NYSE:TTE):

On the occasion of the COP28 in Dubai, in presence of the President of Kazakhstan, Patrick Pouyanné and the Minister of Energy of Kazakhstan signed the Agreement on Investment (AoI) for TotalEnergies’ Mirny project. Largest wind energy project ever initiated in Kazakhstan, Mirny will supply more than 1 million people with low-carbon electricity and will avoid the emission of 3.5 million tons of CO2 annually in the country.

The Mirny project aims to build a 1 GW onshore wind farm of up to 160 turbines combined with a 600 MWh battery energy storage system for a reliable power supply. Mirny represents an investment of about $1.4 billion and is a prime example of TotalEnergies’ ability to leverage its position as a major partner in the upstream sector to speed up the development of renewable energy in Oil & Gas countries.

This Agreement on Investment comes after the signature in June 2023 of a Power Purchase Agreement (PPA) for the Mirny project, the first to be signed in the country for a wind project of such scale. 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.

“At COP28, more than 110 nations committed to tripling renewable energy capacity by 2030. TotalEnergies supports this call. With this innovative wind and battery project, our Company is making a direct contribution to this ambition and to the energy transition in Kazakhstan”, said Patrick Pouyanné, Chairman and CEO of TotalEnergies. “The signing of this Agreement on Investment will allow to launch the Mirny project, which will help TotalEnergies triple its power generation from 33 TWh to more than 100 TWh by 2030.”

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About TotalEnergies
TotalEnergies is a global multi-energy company that produces and markets energies: oil and biofuels, natural gas and green gases, renewables and electricity. Our more than 100,000 employees are committed to energy that is ever more affordable, more sustainable, more reliable and accessible to as many people as possible. Active in nearly 130 countries, TotalEnergies puts sustainable development in all its dimensions at the heart of its projects and operations to contribute to the well-being of people.

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Cautionary Note
The terms “TotalEnergies”, “TotalEnergies company” or “Company” in this document are used to designate TotalEnergies SE and the consolidated entities that are directly or indirectly controlled by TotalEnergies SE. Likewise, the words “we”, “us” and “our” may also be used to refer to these entities or to their employees. The entities in which TotalEnergies SE directly or indirectly owns a shareholding are separate legal entities. TotalEnergies SE has no liability for the acts or omissions of these entities. This document may contain forward-looking information and statements that are based on a number of economic data and assumptions made in a given economic, competitive and regulatory environment. They may prove to be inaccurate in the future and are subject to a number of risk factors. Neither TotalEnergies SE nor any of its subsidiaries assumes any obligation to update publicly any forward-looking information or statement, objectives or trends contained in this document whether as a result of new information, future events or otherwise. Information concerning risk factors, that may affect TotalEnergies’ financial results or activities is provided in the most recent Registration Document, the French-language version of which is filed by TotalEnergies SE with the French securities regulator Autorité des Marchés Financiers (AMF), and in the Form 20-F filed with the United States Securities and Exchange Commission (SEC).

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TotalEnergies

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Source: TOTALENERGIES SE

FAQ

What is the Agreement on Investment signed by TotalEnergies (TTE) for the Mirny project in Kazakhstan?

The Agreement on Investment (AoI) for TotalEnergies’ Mirny project in Kazakhstan is aimed at building the largest wind energy project in the country, supplying low-carbon electricity to over 1 million people and reducing CO2 emissions by 3.5 million tons annually.

What are the key goals of the Mirny project by TotalEnergies (TTE) in Kazakhstan?

The Mirny project aims to build a 1 GW onshore wind farm with up to 160 turbines and a 600 MWh battery energy storage system to provide reliable power supply and reduce CO2 emissions.

How many people will the Mirny project by TotalEnergies (TTE) in Kazakhstan supply with low-carbon electricity?

The Mirny project aims to supply low-carbon electricity to more than 1 million people in Kazakhstan.

What is the expected reduction in CO2 emissions from the Mirny project by TotalEnergies (TTE) in Kazakhstan?

The Mirny project is expected to reduce CO2 emissions by 3.5 million tons annually in Kazakhstan.