Eswatini Electricity Company (EEC) has sealed a US $2M deal with Kenya Electricity Generating Company PLC (KenGen), to conduct geoscientific studies across three regions of Eswatini.
The studies aim to assess the feasibility of establishing a geothermal power plant, further cementing KenGen’s role in advancing renewable energy across Africa.This announcement came during KenGen’s 72nd Annual General Meeting, where the company highlighted its commitment to expanding its renewable energy footprint and leveraging its expertise in geothermal energy.
According to KenGen MD and CEO Peter Njenga, the partnership with EEC aligns with the firm’s strategic goals of fostering sustainable development and mitigating climate change across the continent.
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KenGen’s achievement
KenGen is recognized globally as a leading geothermal energy producer, with Kenya ranking among the top ten producers worldwide and an installed capacity exceeding 750 MW. Kenya aims to expand this capacity to 5,000 MW by 2030.
This project follows KenGen’s successful geothermal initiatives in Djibouti and Ethiopia. In 2021, KenGen secured a KSh 709 million contract in Djibouti and completed seven geothermal wells in Ethiopia in 2022.
The firm’s renewable energy investments have bolstered its revenue, reflected in a 4.3% increase in gross revenue as per its latest financial results. The Eswatini contract further strengthens KenGen’s revenue pipeline and reinforces its renewable energy assets.
KenGen’s geoscientific studies in Eswatini are expected to explore the country’s geothermal potential and contribute to diversifying its renewable energy portfolio. KenGen board chairman Frank Konuche emphasized the project as a milestone in the company’s mission to lead geothermal energy development across Africa.