TotalEnergies Greenlights $1.2B Mirny Wind Project with 600MWh Battery
TotalEnergies approved a $1.2 billion FID for the 1 GW Mirny onshore wind project in Kazakhstan with a 600 MWh battery system, expected to generate 100 TWh over 25 years and funded 75% by external lenders. Shares slipped 0.8% to $89.75 as momentum cooled near 52-week highs, while investors eye Q1 earnings April 29.
1. Mirny Wind and Battery Project Final Investment Decision
TotalEnergies’ board approved a $1.2 billion final investment decision for the Mirny onshore wind project in Kazakhstan, pairing 1 GW of turbine capacity with a 600 MWh battery energy storage system. The development is designed to deliver roughly 100 TWh of clean power over a 25-year operating period.
2. Financing Structure
Seventy-five percent of the project’s cost will be financed through external debt from international and regional lenders, with the remaining equity to be covered by TotalEnergies. This structure is aimed at optimizing the company’s balance sheet and leveraging third-party capital for large-scale renewable investments.
3. Market Reaction and Earnings Outlook
Following the FID announcement, TotalEnergies shares dipped 0.8% to $89.75, with technical indicators showing momentum cooling despite trading near 52-week highs. Investors are now focused on Q1 earnings due April 29 for further insight into cash flow and project impact.
4. Spanish Unit Under Regulatory Investigation
Spain’s antitrust and energy watchdog CNMC has expanded its probe to include TotalEnergies’ local unit over last year’s power blackout in Spain and Portugal. The investigation could introduce regulatory and reputational risks for the company’s European operations.