KenGen, the listed electricity generating company, is set to expand its footprint into Tanzania with plans to drill three explorative wells for geothermal energy.
This move underscores the company’s strategy to diversify revenue streams by tapping into markets beyond Kenya. With ongoing operations in Ethiopia and Djibouti, KenGen aims to capitalize on regional opportunities for growth and profitability.
According to KenGen’s managing director and CEO, Peter Njenga, the regional expansion aligns with the company’s goal of achieving significant increases in net earnings, targeting Sh8.0 billion by June 2024.
Bolstered by a 48% growth in profit after tax recorded in the previous fiscal year, KenGen is leveraging diversification efforts to enhance efficiencies and drive revenue from its generators. The recent announcement of dividend payments to shareholders further underscores KenGen’s commitment to delivering value and sustainable growth.
