Listed energy firm KenGen will conduct geoscientific studies in three regions of Eswatini to determine the feasibility of developing a geothermal power plant in the country, after signing a KSh 250 million contract with the state’s electricity provider.
- KenGen revealed their plans to advancing renewable energy across Africa during their 72nd Annual General Meeting (AGM) held on Thursday.
- The firm’s investment in electricity generation yielded a strong performance in its full-year results released on October, driving their gross revenue up by 4.3%.
- The contract with the Eswatini Electricity Company (EEC) is set to gouge KenGen’s dominance in the continent’s renewable power generation, reinforcing its revenue pipeline and bolstering its assets which decreased by 4.9% as per the latest financial results.
“Our strategic focus is on expanding our footprint beyond Kenya and leveraging our geothermal expertise to foster sustainable development across the continent,” said KenGen MD and CEO, Peter Njenga.
In 2021, KenGen tapped a KSh 709 million contract to drill geothermal wells in Djibouti. A year later, KenGen completed seven geothermal wells in Ethiopia after clinching a joint contract from the Ethiopian Electric Power Company in 2019. These projects affirmed the company’s commitment in promoting the green energy transition in Africa.
“This partnership with Eswatini marks another significant step in our mission to support Africa’s renewable energy ambitions and mitigate the effects of climate change,” Njenga added.
Kenya is listed among the top ten producers of geothermal energy globally. The country’s installed geothermal capacity is north of 750 MegaWatts and the government envisions that by 2030, the capacity should be in the neighbourhood of 5000 MegaWatts. For other African countries wishing to tap into this energy source, Kenya remains a reliable figure for emulation and expertise.
“I am optimistic that our geoscientific studies will confirm the viability of Eswatini’s geothermal resources, enabling the country to increase its renewable energy portfolio and enhance its baseload capacity,” Njenga said.
“For KenGen, the project is a testament to our growing influence in geothermal development across the continent,” said KenGen board chairman, Frank Konuche.
