KenGen secures fifth investor as Olkaria Green Energy Park attracts billions
ERASTUS GICHOHI AND ORPAH GESARE -KNA
Kenya Electricity Generating Company (KenGen) has onboarded its fifth investor at the Green Energy Park in the geothermal-rich Olkaria fields in Naivasha, ushering in a new portfolio of investments worth billions of shillings.
The multi-billion-shilling investments reflect growing confidence in the company’s capacity to power industrial production sustainably by harnessing clean energy sources, particularly geothermal power.
This comes after KenGen announced a new strategy aimed at generating 5,500MW of electricity from green energy sources to meet rising demand driven by increased investments across the country.
The move is further fuelled by strong investor confidence, which has seen more companies establish operations in Kenya to tap into sustainable, reliable and clean energy, especially geothermal power.
KenGen has also embarked on a multi-billion-shilling investment plan to double its geothermal power generation capacity from the current 754MW to 1,500MW by 2034 through public-private partnerships.
With electricity demand reaching a record peak of 2,550MW, the highest ever recorded in the country, the company is now seeking to accelerate the exploration and development of additional power sources, particularly geothermal energy.
According to KenGen CEO, Eng. Peter Njenga, the company seeks to tap more green power by rehabilitating old power stations and exploring new geothermal fields at the power-rich rift valley areas.
He said the company will pump an extra 63MW from rehabilitation of its old Olkaria 1 power plant and tap extra megawatts from its Olkaria fields, Eburru, Suswa, and Longonot that hold huge potential in green energy production.
Speaking during the signing ceremony with the new investor in Olkaria Naivasha, Njenga said the company had on boarded its fifth investor, Maxim Agri and Samakgro limited in Sh2.6b fish feed production facility at its green energy park in Olkaria Naivasha.