A KenGen power plant. KenGen has opened up hundreds of acres of land for lease in Naivasha as it lured international investors with cheap power tariffs to put up an industrial park within the geothermal steam fields.
Firms in the energy sector dominate Kenya Electricity Generating Company’s (KenGen) Green Energy Park, even as the power producer onboarded a sixth entity into the zone.
Three energy companies including by Kaishan Group of China, Synergetic Development Group and Eco Cloud have taken up space at the park located in Olkaria, Naivasha.
Kaishan Group manufactures equipment for power generation, builds and operates geothermal plants, and produces ammonia from green hydrogen.
Synergetic Development Group specialises in engineering, procurement and construction of energy projects mainly in infrastructure, oil and gas, while Eco Cloud offers services such as financing and constructing renewable energy projects.
The other firms are in agriculture, IT and vehicle assembly.
KenGen on Friday onboarded Maxim Agri & Samakgro into the Naivasha park, making it the sixth investor to take up space and boosting KenGen’s efforts to attract more companies into the facility. The Green Energy Park has emerged as the latest revenue stream for KenGen, with the power producer counting on tax breaks and other incentives to woo investors into the zone.
“We are delighted to welcome Maxim Agri Ltd as the latest investor in the KenGen Green Energy Park. This investment is a strong vote of confidence in Kenya’s green industrialisation agenda and affirms the growing demand for reliable, affordable, and sustainable energy solutions to power industrial growth,” KenGen managing director Peter Njenga said.
The other investors who have already taken space at Green Energy Park are Aquilastar Corporate Investment Company, which assembles electric vehicles, and the government-owned Konza Technopolis Development Authority.
Steam pipes at the geothermal wells in Olkaria KenGen power stations, Naivasha, Nakuru County.
The Green Energy Park was declared a Special Economic Zone (SEZ) last year and has turned out to be an integral part of KenGen’s revenue diversification push. Additionally, it is also key to Kenya’s quest to attract foreign investors and create jobs.
The park was declared a customs-controlled area in mid-year, allowing investors to enjoy tax breaks extended to businesses in Special Economic Zones (SEZs).
The tax breaks include being exempted from registering for Value Added Tax obligations and zero-rating supply of goods and taxable services.
Additionally, the firms operating from these bases enjoy a reduced corporate tax rate of 10 per cent in the first 10 years of operations.
The Green Energy Park and carbon credits trading are some of the latest ventures that KenGen has turned to in a bid to boost its revenues and complement its traditional forte of electricity generation.
KenGen recently said that it aims to grow its non-electricity generating revenues to account for 20 per cent of total revenues to strengthen its resilience.
The State-owned power producer’s net profit for the half-year to December 2025 dipped to Sh4.22 billion from Sh5.29 billion a year earlier despite increased electricity sales to Kenya Power.
KenGen attributed the 20.2 per cent drop in net profit to a higher tax bill and increased reimbursable costs like fuel and water.
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