Kenyan President encourages more private investment in geothermal energy exploration
Follow us Now on Telegram ! Get daily 10 - 12 important updates on Business, Finance and Investment. Join our Telegram Channel
https://t.me/InvestmentGuruIndiacom
Download Telegram App before Joining the Channel
Kenyan President William Ruto urged private investors to fully explore the country's geothermal energy potential, noting that only 10 per cent of it has been investigated.
Speaking at the groundbreaking ceremony for the 35 megawatt (MW) Orpower 22 geothermal power plant in Menengai, Nakuru County, northwest Kenya, Ruto highlighted the untapped opportunities within the sector, Xinhua news agency reported.
"So far, we have tapped only 950 MW, a small fraction of our geothermal potential of nearly 10,000 MW, leaving immense opportunities still untapped," he said.
The Kenyan leader reiterated the government's commitment to lowering electricity costs to boost economic efficiency and industrial competitiveness.
Ruto emphasised that the government's strategy for achieving universal access to clean, affordable, and reliable energy is progressing well, with geothermal power being a central component.
The Kenyan leader said that his government is working with the private sector to harness Kenya's geothermal potential, which he said will enhance the realization of the country's goal of achieving a 100 per cent clean energy grid by 2030.
Ruto said geothermal energy would help decarbonize the national grid and advance Kenya's progress toward net-zero emissions. "As a global leader in this space, Kenya continues to demonstrate how every nation can achieve sustained, rapid, and transformative growth while remaining true to climate action commitments," he said.
Chinese firm Kaishan Group invested 12 billion shillings (about $93 million) in the plant, which Ruto said shows the confidence foreign investors from private sectors have in the nation.
