TotalEnergies SE (NYSE:TOT, EPA:TTE) will inject US$1.4bn into a major Kazakhstan-based wind project, after penning a 25-year deal to sell power to the country.
Total’s project will aim to build 1GW of onshore wind power capacity, alongside a 600MW battery storage system, in the Zhambyl region of Kazakhstan, providing energy for up to a million people.
Around 200 turbines will be installed, according to Total, aiding the company’s targeted 35GW of renewable capacity by 2025, up from 17GW in late-2022.
“This represents a significant milestone in TotalEnergies' multi-energy strategy,” chief executive of the French oil major, Patrick Pouyanné, said.
Total owns around 11GW of offshore wind capacity worldwide, including five projects in UK waters which are set to be connected to the grid in the coming years.
Total, which is among the world’s largest oil companies, added it aimed to be in the world’s “top five producers of electricity from wind and solar” by installing up to 100GW of renewables by 2030, amid a 2050 net zero target.
Shares rose 0.15% to €55.