This archive report was first published on 3 November 2021.
On November 3, 2021, KenGen PLC, East Africa's largest electricity producer, reaffirmed its commitment to clean energy. With an installed capacity of 1,818MW, 86% of which comes from renewable sources, KenGen is a leader in the region's transition to sustainable energy.
The company's efforts are in line with the Kenyan government's ambition to achieve 100% renewable energy utilization. To this end, KenGen has joined the Business Ambition for 1.5°C Campaign of the United Nations Global Compact, demonstrating its commitment to sustainability.
KenGen's future project pipeline, which includes geothermal, hydro, wind, and solar projects, is expected to add 360MW of renewable energy to the grid by 2024. The company's focus on renewable energy is timely, particularly in Africa, where an estimated 645 million people lack access to electricity, with a rate of only 40% electricity access across the continent.
According to the African Development Bank, funding is the biggest limiting factor to green energy project development. To address this challenge, KenGen has explored innovative financing models, including partnerships with state and non-state actors, and has raised funds through instruments such as the Public Infrastructure Bond Offer and Rights Issue.
Internationally, KenGen has partnered with development partners and technology providers to deliver electricity in an affordable, accessible, and attractive manner. At the continental level, the company has partnered with other African nations to accelerate renewable energy deployment through geothermal resource development.
KenGen's MD emphasized the company's willingness to share its expertise and skills in accelerating clean energy innovation deployment, particularly in geothermal development. The company's commitment to sustainability is in line with the United Nations' Sustainable Development Goal 17, which aims to strengthen the means of implementation and revitalize the global partnership for sustainable development.
As former US Secretary of Energy Steven Chu noted, 'The same opportunity lies before us with energy efficiency and clean energy.' KenGen's efforts are a step in the right direction towards a cleaner, more sustainable future for Africa.
