FINWIRES · TerminalLIVE
FINWIRES

TotalEnergies Approves $1.2 Billion Kazakhstan Wind, Storage Project

By

TotalEnergies (TTE) approved a $1.2 billion wind and battery project in Kazakhstan expected to generate 100 terawatt-hours over 25 years, it said Friday.

The Mirny project will supply renewable electricity to about 1 million people, with output sold under a 25-year power purchase agreement signed with Kazakhstan's government in 2023, TotalEnergies said.

The development includes a 1 gigawatt onshore wind farm with 150 turbines and a 600 megawatt-hour battery energy storage system to support reliable power delivery, the company said.

The storage system, supplied by TotalEnergies affiliate Saft, will strengthen grid stability and support Kazakhstan's expanding renewable energy capacity, according to the company.

TotalEnergies holds a 60% stake in the project, while Samruk Energy and KazMunayGas each own 20%, it said.

The company secured financing through a Common Terms Agreement signed with an international group of lenders supporting the project's funding structure, it said.

The lending consortium includes European Bank for Reconstruction and Development, Proparco, Development Bank of Kazakhstan, DEG, Societe Generale, QNB Group, China Construction Bank and Standard Chartered.

Olivier Jouny, senior vice president renewables at TotalEnergies, said the project will support Kazakhstan's plan to raise renewable energy to 15% of electricity generation by 2030, the company added.

He added the 1 GW wind project will also contribute to a broader 9 GW renewables portfolio developed with Masdar through a 50/50 joint venture spanning nine Asian countries, including Kazakhstan, according to the company.

Price: $89.51, Change: $-0.96, Percent Change: -1.06%

Related Articles

Commodities

PG&E Reports Higher Q1 Electric Revenue, Advances 4.6 GW Data Center Pipeline

PG&E (PCG) reported Q1 earnings Thursday, showing operating revenues in the electric segment were $4.97 billion for Q1 2026, compared with $4.14 billion a year earlier.The company reported operating revenues in the natural gas segment of $1.91 billion for the quarter ended March 31, compared with $1.85 billion a year ago.PG&E reduced residential bundled electric rates for the fifth time since January 2024, cutting bills by 23% for CARE customers and 13% for other users, it said.The company secured US Nuclear Regulatory Commission approval on April 2 to extend Diablo Canyon operations by 20 years, with the plant supplying nearly 20% of California's clean energy to about four million residents, it said.PG&E connected its eighth renewable natural gas facility and plans to add five more by the end of 2027, having already delivered 7.25 billion cubic feet of RNG since 2021, enough to power over 190,000 homes, it said.The utility completed 31 miles of underground powerlines and added 44 miles of strengthened infrastructure in high-risk fire zones, with plans to exceed 1,900 miles underground and 2,000 miles of strengthened by 2027, it said.PG&E connected over 3,100 customers and 1,500 electric vehicle charging ports while advancing data center projects totaling about 4.6 gigawatts, which could lower customer bills by at least 1% per GW under certain conditions, it said.

$PCG
Commodities

Phillips 66 Ships US Crude on Foreign Vessel After Jones Act Waiver, Bloomberg Analysis Says

US crude shipments via foreign vessels begin after a Jones Act waiver, marking the first such cargo since the March 18 policy shift, according to a Bloomberg analysis on Thursday.Phillips 66 (PSX) loaded Bakken crude in early April from Beaumont, Texas, onto the Malta-flagged Htm Warrior for delivery to Pennsylvania, the report said.The cargo will supply the Trainer refinery in Pennsylvania, operated by Monroe Energy, a subsidiary of Delta Air Lines (DAL), expanding supply options for East Coast refiners, according to the analysis.President Donald Trump signed a 60-day Jones waiver on March 18, allowing foreign-flagged ships to transport goods between US ports, the analysis added.The waiver temporarily suspends the 1920 Jones Act, which requires vessels moving cargo between US ports to be US-built, US-flagged and US-operated, the analysis said.The administration introduced the exemption to boost fuel and crude supplies amid geopolitical tensions linked to Iran that disrupted global energy flows.No other foreign-flagged vessels have carried US crude from the Gulf Coast to the Atlantic Coast since the waiver took effect, the analysis said, citing Kpler data.However, multiple cargoes of Middle Eastern crude have recently moved along the same route on foreign-flagged ships, highlighting shifting trade flows under the temporary policy change, the analysis added.

$DAL$PSX
Commodities

NextEra Energy Resources Reports Record Q1, Adds 4 GW to Renewables Backlog

NextEra Energy's (NEE) unit NextEra Energy Resources reported in a Q1 update that it delivered a record quarter for renewables and storage origination, adding 4 gigawatts of new generation and storage to its backlog, the company said Thursday.This Q1 backlog includes 2.2 GW of solar capacity, 1.3 GW from battery storage, and 0.5 GW of wind, the company said.The company already had about 9.9 GW of solar, about 7.5 GW of battery storage, and about 3.2 GW of wind capacity in its 2026-2027 COD and backlog pipeline.For 2026 to 2027, NextEra Energy Resources targets a total capacity of about 20 GW to 27 GW.Of this, solar capacity is expected to be 8.5 GW to 11.5 GW, battery storage 8 GW to 10 GW, and wind 3.5 GW to 5.5 GW.For 2026 to 2032, the company sees total additions reaching 76.6 GW to 107.6 GW, driven by solar at 31.5 GW to 41.5 GW, battery storage at 32 GW to 43 GW, wind at 8.5 GW to 14.5 GW, and gas at 4 GW to 8 GW, it said.The company increased its total backlog to about 33 GW. As of April 23, net of about 0.3 GW has been placed in service and about 0.4 GW of projects have been removed from backlog since Jan. 27, the company said.John Ketchum, chairman, president and chief executive officer, said, "We expect to grow adjusted earnings per share at a compound annual growth rate of 8%+ through 2032 and are targeting the same from 2032 through 2035, all off the 2025 base."He added, "Importantly, our forecasted growth is visible and balanced between our regulated and long-term contracted businesses," while highlighting its scale across 49 states and multiple growth platforms.NextEra Energy Resources is advancing its data center hub strategy, with the US Department of Commerce selecting it to build 9.5 GW of gas-fired generation in Texas and Pennsylvania tied to Japan's $550 billion US investment plan, it said.The company is developing the projects while the US and Japan retain ownership and is advancing permitting and commercial work, backed by over 30 data center hubs with a target of about 40 by year-end, it added.

$NEE