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Another wind bet, because why not?
TotalEnergies said Friday it approved a $1.2 billion final investment decision for the Mirny wind and battery project in Kazakhstan. The setup is pretty chunky: 1 GW of onshore wind plus a 600 MWh battery system, all aimed at making the grid less flaky and a lot more renewable-friendly.
The money part isn’t the scary part
About 75% of the funding is already secured from external lenders, which takes some of the usual project-financing drama off the table. And under a long-term power purchase agreement with the government, the project is expected to generate 100 TWh over 25 years — enough electricity for roughly 1 million people. That’s the kind of long-duration visibility investors tend to like, assuming construction doesn’t wander off into the usual delay swamp.
Why shareholders should care
TotalEnergies owns 60% of the project, alongside Samruk Energy and KazMunayGas. So this isn’t just a random science project — it’s a meaningful capital commitment that fits the company’s broader push to diversify beyond the old hydrocarbon playbook.
And yes, the stock was still down on the day, because markets can be annoying like that. Energy names were lagging a risk-on tape, while tech and growth names got all the attention. But strategically, this is the sort of move that can help TotalEnergies look more like a power-and-energy platform than a pure oil stock.
Big picture: TotalEnergies is still spending to build its next act, and investors are being asked to tolerate the upfront bill in exchange for a steadier, greener revenue stream later.