KENYA INVESTS KSH 250M IN ESWATINI FOR GEOTHERMAL ENERGY DEAL.
1 month, 3 weeksJUMA SULEIMAN
Kenya’s President William Ruto has announced a KSh 250 million geothermal development deal between the Kenya Electricity Generating Company (KenGen) and Eswatini. The contract, awarded in early 2024, enables KenGen to conduct geoscientific studies to assess geothermal potential in three regions of the Southern African country. KenGen Managing Director Peter Njenga stated that the agreement highlights Kenya’s leadership in geothermal energy and its commitment to advancing clean energy solutions across Africa.
During KenGen's 72nd Annual General Meeting, Njenga emphasized the importance of expanding the company’s footprint beyond Kenya to promote renewable energy and combat climate change. Eswatini, aiming to strengthen its energy security and renewable energy portfolio, hopes the studies will confirm the feasibility of developing a geothermal power plant. Njenga expressed optimism that the project will help diversify KenGen's revenue streams while supporting Eswatini’s ambitions for sustainable development.
KenGen Board Chairman, Eng. Frank Konuche, noted that the project demonstrates KenGen’s growing influence in geothermal development on the continent. With successful projects in Ethiopia, Djibouti, and Tanzania, KenGen has established itself as Africa’s leader in geothermal energy. Kenya currently ranks among the world’s top 10 geothermal energy producers, boasting an installed capacity of 754 MW.
The Eswatini deal comes as KenGen reports significant financial growth, with a 35% increase in net profit for the financial year ending June 30, 2024. The rise, attributed to increased green energy production, underscores the company’s strategy to focus on renewable energy solutions both locally and internationally. This aligns with Kenya’s vision to lead the continent in clean energy advancements.
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