Nairobi, Friday, February 28, 2025: The Government of Kenya, through the Ministry of Investments, Trade, and Industry, has officially declared the Olkaria area in Naivasha, a Special Economic Zone (SEZ). This milestone is set to position Kenya as a regional hub for industrialization while leveraging the country’s world-class geothermal resources for sustainable economic growth.

The Olkaria Special Economic Zone in Nakuru County spans approximately 8,292 acres and will serve as a key driver for industrial investment, clean energy manufacturing, and export- oriented production. By providing businesses with incentives such as tax exemptions, infrastructure support, and access to affordable geothermal power, the SEZ is expected to attract local and international investors seeking cost-effective, sustainable operations.

Speaking on the designation, KenGen Managing Director and CEO, Eng. Peter Njenga, emphasized the strategic importance of the Olkaria SEZ in Kenya’s economic transformation agenda and transition to clean energy.

“This declaration cements Kenya’s commitment to industrialisation, job creation, and sustainability. Olkaria’s abundant geothermal energy makes it an ideal location for industries looking for reliable, low-cost, and green power, aligning with Kenya’s vision of becoming a global leader in renewable energy-driven industrialization,” said Eng. Njenga.

According to the NSE-listed energy generator, the Olkaria SEZ will support industries in green manufacturing, agro-processing, electric mobility, and data centres, among others. The move aligns with the government’s Bottom-Up Economic Transformation Agenda (BETA) and Kenya’s commitment to net-zero industrialisation.

With its strategic location along key transport corridors, including the Standard Gauge Railway (SGR) and the Nairobi-Mombasa Highway, the Olkaria SEZ will provide investors with seamless access to both local and global markets.

The Olkaria SEZ which hosts KenGen’s Green Energy Park is part of Kenya’s broader strategy to enhance industrial competitiveness by offering a conducive business environment with world-class infrastructure, reliable green energy, and investor-friendly policies. It aims to attract manufacturers, technology firms, and energy-intensive industries looking to capitalize on Kenya’s geothermal potential.

“Our Green Energy Park represents a transformative shift in Kenya’s approach to industrial development. By integrating clean energy solutions into manufacturing and industrial operations, we are not only reducing carbon emissions but also ensuring long-term sustainability and cost efficiency for businesses. This initiative aligns with our vision of making Kenya a top destination for investors seeking green energy-powered industrial operations,” said Eng. Peter Njenga.

According to KenGen, the park is expected to attract industries such as Agro-processing and companies seeking sustainable and cost-effective power for food processing and value addition, textile and apparel manufacturing, electric mobility production, Data centers and ICT firms, all looking to transform their businesses into fully sustainable, green-powered enterprises.

Nairobi, Thursday, February 6, 2025: The Kenya Electricity Generating Company (KenGen) PLC, East Africa’s largest electricity producer, has reported a 79% growth in profit after tax for the six months ending 31st December 2024, accentuating the company’s resilience in a shifting energy landscape.

The NSE-Listed (KEGN) power producer posted a net profit of Ksh.5.30 billion, up from Ksh.2.96 billion in the same period last year, a gain primarily driven by aggressive cost-cutting measures and enhanced operational efficiencies.

At the same time, KenGen achieved a 49.4% increase in operating profit, reaching Ksh.6.65 billion from Ksh.4.45 billion in the previous period. This improvement was fueled by a 13.7% reduction in operating expenses, which fell to Ksh.17.67 billion from Ksh.20.47 billion. Revenues, on the other hand, remained stable at Ksh.27.5 billion.

“This performance is a testament to KenGen’s financial discipline and strategic focus on efficiency,” said Eng. Peter Njenga, the company’s Managing Director and CEO. “We are optimizing our assets, streamlining operations, and leveraging our leadership in renewable energy to drive long-term value for our shareholders and the country.”

The company’s finance income rose to Ksh.2.45 billion from Ksh.1.87 billion, augmented by higher returns on cash investments and a more stable Kenyan shilling. Meanwhile, finance costs dropped to Ksh.1.13 billion from Ksh.1.49 billion, reflecting improved capital management and debt optimization.

KenGen remains at the forefront of Kenya’s renewable energy transition, supplying 4,291GWh of electricity in the half-year period, up from 4,211GWh in the previous period. This increase was primarily supported by improved hydrology and availability of our generation fleet.

Looking ahead, KenGen is focused on expanding its renewable energy portfolio under its G2G 2034 Strategy, a long-term blueprint aimed at bolstering Kenya’s green energy transition. Between 2025 and 2027, the company plans to add 194.4MW of installed capacity across geothermal, hydro, and solar projects, along with 100MWh of battery energy storage to enhance grid stability.

With a strong balance sheet and a firm commitment to sustainability, KenGen is positioning itself as a key player in Africa’s clean energy future. However, the company’s Board has opted not to declare an interim dividend for the period, prioritizing reinvestment and long-term strategic growth to maximize shareholder value.

KenGen’s earnings per share (EPS) surged by 78% to Ksh.0.80, up from Ksh.0.45, reinforcing the company’s ability to create shareholder value in a dynamic energy market.

“We are driving the future of energy in Kenya,” said Njenga, adding: “Our commitment to operational excellence and innovation ensures that Kenyans will continue to benefit from reliable and affordable electricity for years to come.”

KenGen remains at the heart of Kenya’s transition to a low-carbon energy future, leveraging its geothermal stewardship and renewable energy expertise. With a resilient business model, strong financial fundamentals, and a clear vision for growth, KenGen is primed to play a catalytic role in shaping the future of Africa’s energy industry.

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NAIROBI, Monday, December 9, 2024: Kenya Electricity Generating Company (KenGen) PLC, the largest producer of renewable energy in East Africa, swept three top awards this past weekend, affirming its leadership in financial reporting, sustainability, and supply chain management. The accolades come as the state-owned company forges ahead with its ambitious 10-year ‘Good to Great (G2G) strategy, aimed at transforming operations and scaling renewable energy capacity.

At the 2024 Financial Reporting (FiRe) Awards, KenGen was named the top State Corporation for financial reporting under IFRS Accounting Standards. This accolade celebrates the NSE-Listed company’s outstanding achievements in financial reporting and ESG integration, marking it as a benchmark for corporate transparency and governance.

The FiRe Awards, widely regarded as the most prestigious financial reporting recognition in East Africa, are organized by the Institute of Certified Public Accountants of Kenya (ICPAK) in partnership with the Nairobi Securities Exchange (NSE), Capital Markets Authority, and other key stakeholders.

“These awards are more than recognition, they are proof of KenGen’s dedication to financial responsibility, integrity, innovation, and sustainable development,” said Eng. Peter Njenga, the company’s managing director and chief executive officer. “As we celebrate this success, we are equally focused on the next decade, guided by the transformative goals of our G2G strategy.”

KenGen also emerged victorious at the 2024 Kenya Institute of Supply Chain Management (KISM) Awards, earning the Sustainable Procurement Award. This honour recognized KenGen’s exemplary efforts in embedding environmental stewardship into its supply chain operations.

The company’s innovative protocols for managing sensitive materials like fuel and its significant investments in eco-friendly infrastructure have set a new industry standard. In securing this award, KenGen outperformed giant corporations in private and public sector, further cementing its reputation for responsible business practices.

In a pioneering achievement, KenGen’s Supply Chain Manager, Beatrice Koskei, won the inaugural Supply Chain Women Leader award. Competing against industry stalwarts, Koskei was lauded for her visionary leadership and transformative impact in a traditionally male-dominated field. This award, introduced in 2024, is a significant step forward in recognizing the role of women in shaping supply chain excellence.

“We are proud of our team who continue to inspire me every day. The awards are a testament to our team’s commitment not only to grow KenGen but to exceeding stakeholder expectations and advancing Kenya’s sustainable development goals,” said Eng. Njenga.

Njenga emphasized that the accolades align with KenGen’s strategy of operational excellence across all business dimensions, from financial transparency to environmental stewardship. He added, “This recognition inspires us to continue leading by example, setting new benchmarks for corporate responsibility for the good of all Kenyans.”

Koskei, speaking about her historic recognition, highlighted her focus on empowering women in the supply chain sector. “Through mentorship programs and supplier diversity initiatives, we are breaking barriers and creating meaningful opportunities for women in this field. It is an honour to represent KenGen and to pave the way for more women leaders in their respective careers,” she said.

KenGen’s recognitions at the FiRe Awards and KISM Awards, are a powerful affirmation of its position as an industry trailblazer. They underscore the company’s role in shaping a sustainable, inclusive, and innovative corporate landscape for Kenya and the region.

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Note to Editor:

NAIROBI, Monday, November 25, 2024: Kenya Electricity Generating Company PLC (KenGen) has been appointed to the Multi-Sectoral Technical Committee (MSTC), a high- level team tasked with shaping Kenya’s carbon market framework.

This prestigious three-year appointment, effective November 22, 2024, was announced by the Cabinet Secretary for Environment, Climate Change, and Forestry, Hon. Aden Duale, through a gazette notice. The move positions KenGen at the forefront of advancing the Africa’s carbon trading future and unlocking new opportunities in the fight against climate change.

Reacting to the appointment, KenGen Managing Director and CEO, Eng. Peter Njenga, hailed

it as a timely recognition of the company’s contributions to sustainable development.

“We are honored to join this climate-positive committee, which will a key role in advancing the climate agenda not just in Kenya but across Africa. KenGen’s extensive experience in renewable energy and carbon credit generation uniquely positions us to provide valuable insights and help shape a robust carbon market framework for Kenya,” said Eng. Njenga.

The NSE-listed company CEO added, “This appointment underscores KenGen’s leadership in clean energy innovation, driving sustainable solutions that power our nation and contribute to global efforts to combat climate change.”

The appointment, made under the Climate Change Act, 2013, and the newly enacted Climate Change (Carbon Markets) Regulations, 2024, establishes a technical structure to oversee the development of carbon projects and facilitate participation in carbon markets. The initiative is expected to catalyze the growth of Kenya’s carbon economy, paving the way for the country to monetize its climate actions through the sale of carbon credits.

KenGen, a trailblazer in clean energy production, brings a wealth of expertise to the committee, having earned a cumulative 6.9 million carbon credits from six Clean Development Mechanism (CDM) projects registered under the United Nations Framework Convention on Climate Change (UNFCCC). These projects include the Olkaria II Geothermal Expansion, Redevelopment of Tana Hydro Power Station, and Ngong Wind Project, among others.

The MSTC is a multidisciplinary body comprising representatives from key government ministries, counties, and agencies. Its primary mandate is to provide technical advice to the Designated National Authority (National Environment Management Authority, NEMA) on carbon project assessments. This collaboration ensures alignment with international climate protocols while fostering local expertise and innovation.

NAIROBI, Thursday, November 28, 2024: Kenya Electricity Generating Company (KenGen) PLC, a leader in Africa’s geothermal development, has recorded major progress in its Ksh. 250 million geothermal development contract with the state-owned Eswatini Electricity Company (EEC). This milestone underscores KenGen’s continued commitment to advancing renewable energy across Africa.

The contract, awarded earlier this year, tasks KenGen with conducting comprehensive geoscientific studies to assess geothermal potential in three prospective regions of the Southern African country, Eswatini. The studies, aimed at establishing the feasibility of developing a geothermal power plant, are now well underway, with completion expected in the next few months.

Commenting on the progress during the NSE-listed company’s 72nd Annual General Meeting (AGM) held today, KenGen Managing Director and CEO, Eng. Peter Njenga reaffirmed the company’s dedication to advancing renewable energy solutions across Africa.

“Our strategic focus is on expanding our footprint beyond Kenya and leveraging our geothermal expertise to foster sustainable development across the continent,” said Eng. Njenga, adding, “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.”

Eswatini, a landlocked Kingdom in Southern Africa bordered by South Africa and Mozambique, has set its sights on harnessing geothermal energy to strengthen its renewable energy capacity and enhance energy security. This aligns with the country’s broader commitment to sustainable development and global efforts to combat climate change by reducing carbon emissions.

“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. This project also reinforces KenGen’s strategy to diversify revenue streams and ensure financial sustainability through geothermal consultancy and related services,” said Eng. Njenga.

Speaking during the AGM, KenGen Board Chairman, Eng. Frank Konuche described the new partnership as a strategic move by Eswatini to tap into its natural resources while contributing to Africa’s sustainable energy goals. “For KenGen, the project is a testament to our growing influence in geothermal development across the continent,” said Eng. Konuche.

KenGen’s experience and expertise in geothermal drilling, honed at Kenya’s Olkaria geothermal fields and in successful projects in Ethiopia, Djibouti, and Tanzania, played a strategic role in securing the Eswatini contract. The company’s reputation for excellence in geothermal consultancy and drilling services has solidified its position as a trusted partner in the region.

The Eswatini project is one KenGen’s latest geothermal development contract in Africa, following successful ventures in Djibouti, Ethiopia, and Tanzania. Kenya remains the continent’s leading geothermal energy producer and ranks among the top 10 globally, with an installed geothermal capacity of 754MW.

KenGen’s expertise in geothermal energy development continues to position the company as a key driver of Africa’s green energy transition while contributing to economic growth and environmental conservation across the region.

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Note to Editor:

About KenGen

Kenya Electricity Generating Company PLC - KenGen is the leading electricity generation company in the Eastern Africa region with an installed generation capacity market share of more than 60%. The company’s primary business is to provide safe,

Naivasha, Thursday, November 14, 2024: Kenya Electricity Generating Company PLC (KenGen) today hosted over 300 shareholders at its Olkaria Geothermal Site, offering them a rare, behind-the-scenes look at one of Africa’s most powerful geothermal energy operations. The tour, now in its tenth year, showcased how KenGen is harnessing natural resources to power a nation while steadily expanding its portfolio of sustainable energy sources.

Launched in 2011, KenGen’s annual shareholders’ tour seeks to deepen investor understanding of the company’s renewable energy strategy and to highlight the critical role shareholders play in shaping Kenya’s energy future. Olkaria, often hailed as the “Home of Geothermal in Africa,” produces 754MW of clean energy, underscoring Kenya’s capacity to leverage geothermal power for sustainable growth. With an estimated geothermal potential of 10,000MW, the site represents a cornerstone of KenGen’s renewable energy ambitions.

The event, which began with a ceremonial send-off from Nairobi’s Central Business District, was led by KenGen Board Chairman, Eng. Frank Konuche and Managing Director and CEO, Eng. Peter Njenga.

Eng. Konuche emphasized the company’s commitment to driving value for shareholders while contributing to a green energy future. “Today’s tour offers our shareholders a tangible view of their investment’s impact,” he stated. “Our focus on geothermal, hydro, wind, and solar reflects an unwavering commitment to sustainability and long-term growth for both our investors and the communities we serve.”

Beyond the tour, shareholders were presented with KenGen’s financial highlights and strategic projects designed to ensure future profitability and market leadership. The company recently reported a 35% profit increase, driven by robust revenue from its geothermal and hydroelectric power plants. “In a challenging economic climate, our operational efficiency and disciplined approach to cost management have sustained our growth trajectory,” said Eng. Njenga, pointing to KenGen’s stable operating profit of Ksh.9.6 billion.

The tour also featured updates on major projects in KenGen’s pipeline, including the rehabilitation of the Olkaria I plant to enhance capacity, development of the 100MW Marsabit Wind Project, and the construction of a 42.5MW solar array at the Seven Forks Dams. “Our goal is to lead Kenya’s green energy transition through pioneering investments that not only support national development but position KenGen as a driving force in sustainable power generation across Africa,” Eng. Njenga explained.

Eng. Njenga reaffirmed KenGen’s dedication to shareholder value, announcing an anticipated dividend payout following the company’s Annual General Meeting. “Our shareholders are at the heart of our success, and we are proud to deliver financial returns that reflect the growth and resilience of KenGen,” he said.