Landmark financing of the largest renewable energy development in Kazakhstan

Kazakhstan has embarked on a far reaching transformation of its energy sector as part of its long term strategy to reduce carbon intensity, diversify its electricity mix and enhance energy security. Historically reliant on coal fired generation, which still accounts for a significant share of power production, the country is progressively shifting towards more sustainable energy sources to meet growing domestic demand.

To support this transition, the government has put in place a dedicated regulatory and contractual framework aimed at attracting international investors and enabling the development of large scale renewable projects capable of delivering competitive and reliable electricity while reinforcing grid stability across the country’s vast territory.

A major milestone for Kazakhstan’s energy transition

Project Mirny represents a significant step forward for Kazakhstan, which aims to generate 15% of its electricity from renewable sources by 2030. Located in the Zhambyl region in southern Kazakhstan, the project combines the development of a 1 GW onshore wind farm with a 300 MW / 600 MWh battery energy storage system. This integrated configuration is designed to deliver renewable power while ensuring operational flexibility and grid stability. By incorporating large scale battery storage, the project addresses the intermittency of wind generation and enhances the reliability of renewable electricity supply, contributing to strengthening the resilience of the southern Kazakhstan power grid.

All electricity produced will be sold to the Financial Settlement Center of Renewable Energy, a state owned entity, under a 25 year power purchase agreement. Once operational, the project is expected to produce approximately 4 TWh of electricity per year, supplying power to around one million people.

The project will also deliver environmental benefits by avoiding an estimated 3.5 million tons of CO₂ emissions annually. Commercial operations date is expected in Q1 2029, marking a key milestone in the country’s transition towards a more sustainable energy mix.

A strategic partnership aligned with national energy priorities

Project Mirny is being developed by a consortium of leading sponsors comprising TotalEnergies, Samruk Energy and KazMunayGas. Together, the sponsors bring strong technical expertise, financial strength and institutional support to the project.

Reflecting its strategic importance, Project Mirny has been designated a “Major Project” under the bilateral cooperation framework between France and Kazakhstan, highlighting its contribution to the country’s energy transition and to international economic cooperation.

One of the largest project finance transactions in the region

The project’s investment amounts to c. USD 1.2 billion, with about 75% externally financed. This financing ranks among the largest project finance transactions completed in Kazakhstan and Central Asia over the past 10 years.

Through its roles as Sole Financial Advisor, Mandated Lead Arranger and Hedge Provider, Societe Generale supported the structuring and execution of this landmark transaction, enabling the sponsors to deliver one of the largest renewable energy developments in Central Asia. The transaction illustrates Societe Generale’s strong capability to structure and deliver large scale, sustainable infrastructure financings in emerging markets and to support clients across the full lifecycle of complex energy projects.