KenGen to Drill Geothermal Wells in Tanzania

Kenya Electricity Generating Co Ltd (KenGen), has signed a contract for drilling three exploratory geothermal wells in Tanzania.

The move is part of KenGen’s strategic revenue diversification plan, extending its operations beyond Kenya’s borders.

KenGen’s Managing Director and Chief Executive, Peter Njenga, said the move was prudent for diversification into external markets.

Already established in Ethiopia and Djibouti, KenGen has also engaged with Malawi, which seeks assistance in exploring its geothermal potential.

KenGen Presence in EAC

Now, Tanzania, Zambia, and Rwanda are on KenGen’s radar. The Tanzanian geothermal project, a compact initiative, is slated for completion within three months.

Also Read: Kenya banking on KenGen to effect 15% power cut in second phase

Kenya currently boasts an impressive geothermal energy capacity, generating over 800 megawatts from this renewable source.

This achievement places Kenya among the world’s leading geothermal energy producers.

KenGen’s regional expansion aims to enhance its performance and contribute to Kenya’s attractiveness for international investments.

KenGen Targeted Net Earnings

The company targets a net earnings goal of Ksh.8 billion ($55.2 million) by the end of June 2024, a substantial increase from the previous year’s Ksh.5 billion ($34.5 million).

KenGen’s profit surge in recent years, driven by a 14% revenue growth, underscores its commitment to efficiency and sustained growth.

As KenGen ventures into Tanzania’s geothermal landscape, it continues to play a pivotal role in shaping Africa’s energy future.

The company’s vision extends beyond national boundaries, with aspirations of headlining major productions in global energy hubs.

With each well drilled, KenGen contributes not only to its own success but also to the sustainable development of neighboring nations. The journey toward cleaner, greener energy continues, fueled by KenGen’s expertise and determination.

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Lawrence Baraza

Lawrence Baraza is a dynamic journalist currently overseeing content at Metropol TV Digital. With a keen focus on business news and analytics, Lawrence guides the platform in delivering insightful, data-driven content that empowers its audience to make informed decisions. Lawrence’s commitment to quality and his ability to anticipate market trends make him a key figure in the digital media landscape. His work continues to shape the way business news is consumed, making a significant impact in the field.

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