TotalEnergies Announces FID on $1.2 Billion Wind Power Project in Kazakhstan

With an annual dividend yield of 4.08%, TotalEnergies SE (NYSE:TTE) is included among the 10 Best Fortune 500 Dividend Stocks to Invest in Right Now.

TotalEnergies Announces FID on $1.2 Billion Wind Power Project in Kazakhstan

TotalEnergies SE (NYSE:TTE) is a global integrated energy company that produces and markets energies.

TotalEnergies SE (NYSE:TTE) revealed on April 24 that it had made a final investment decision (FID) on the $1.2 billion Mirny onshore wind and Battery Energy Storage System project in Kazakhstan. The approval comes despite the company facing some ongoing legal challenges in the country, including a $4.6 billion environmental fine and a multibillion-dollar cost dispute linked to the Kashagan offshore oilfield in the Caspian Sea.

The Mirny project consists of a 1 GW onshore wind farm totaling 150 turbines, together with a 600 MWh battery energy storage system. The farm is expected to generate 100 TWh of renewable electricity over 25 years, enough to supply about 1 million people in Kazakhstan. TotalEnergies SE (NYSE:TTE) holds a 60% stake in the project, with Kazakh state‑owned KazMunayGas and ​Samruk Energy each owning 20%.

Olivier Jouny, SVP Renewables at TotalEnergies SE (NYSE:TTE), commented:

“We are delighted to launch one of Kazakhstan’s largest renewable energy initiatives to date, thereby contributing to the country’s target of increasing the share of renewables in electricity generation to 15% by 2030. We look forward to advancing construction of the Mirny project alongside our partners and in cooperation with the Kazakhstani authorities. This 1 GW onshore wind farm will also contribute to the 9 GW renewables portfolio that we are combining with Masdar through a 50/50 joint venture across nine Asian countries, including Kazakhstan”

With a current forward P/E ratio of 9.31, TotalEnergies SE (NYSE:TTE) was also recently included in our list of the 12 Most Undervalued Natural Gas Stocks to Buy Now.

READ NEXT: 10 Best Nuclear Energy Stocks to Buy for Dividends and 10 Best Global Stocks to Buy According to Wall Street Analysts

Disclosure: None. Follow Insider Monkey on Google News.