The Kenya Electricity Generating Company (KenGen) has completed drilling its seventh geothermal well in Ethiopia.
“This is the second 3,000 metres well we have drilled in Ethiopia so far. We have successfully delivered to expectations despite the threats posed by COVID-19 and the security situation in Ethiopia at the time of the project implementation,” said KenGen Managing Director Rebecca Miano.
The company says the milestone reaffirms its expertise in geothermal development on the continent.
KenGen has gone for drilling contracts outside Kenya as a revenue diversification measure alongside other initiatives such as geothermal consulting.
In November last year, the company announced plans to drill three geothermal wells in Djibouti after winning a Ksh.700 million contract.
The company has started drilling additional geothermal wells in the Eburru geothermal field located in Naivasha.
Total revenue for the company in six months of operations to December 2021 rose by 14 per cent to Ksh.24.8 billion mainly as a factor of higher revenue receipts from drilling consultancy and operations outside Kenya.
Profit for the Nairobi Securities Exchange (NSE) listed firm however remained flat at Ksh.5.1 billion from a higher income tax expense.
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