By Nicholas Waitathu
Kenya is fast tracking talks with various global financiers to mobilize resources to fund construction of a 700-megawatt high grand falls dam by 2032.
Energy Principal Secretary, Alex Wachira says talks are at advanced stage between the Government and private sector on raising $2.75 billion (Ksh 354.75 billion) for the High Grand Falls Dam that is projected to generate 700MW.
“This will make Kenya to have the 3rd largest dam in the Eastern African region after the Grand Ethiopian Renaissance Dam (GERD) with a total capacity of 5,000MW in Ethiopia and Julius Nyerere Hydropower Project in Tanzania with an installed capacity of over 2,000MW,” said Wachira during the opening the second Kengen Sustainable Energy Conference (SEC), Olkaria, Naivasha.
He says the High Grand Falls Dam is part of the Government’s plan to boost the electricity generation.
“There is a need to fast track innovative financing above other strategies. Investors go where they see a compelling vision, a predictable policy environment, and bankable projects. We must speak to financiers in a language they understand, while also keeping the social contract with mwananchi front and center,” said Wachira.
He says Kenya targets to increase electricity generation to over 5,000MW by 2032.
“We must stabilize our grids, ensure reliability, and give every Kenyan, every African, a fair chance at accessing affordable power. In Kenya, this need is even more urgent considering the age of our grid. Just like the human body, the electricity grid gets weaker and less reliable as time goes. Energy being a capital-intensive industry, we will be happy to hear about some of the innovative proposals and ideas that will be coming out of the conversations we will have over the next three years. In my previous life as an investment banker, we had this common saying that capital follows clarity,” Wachira said.
He says plans are underway to re-conductor Nairobi–North evacuation line which has a capacity of about 55% of power generated in Olkaria.
Theer are also plans to install an another power evacuation line from Olkaria-Gilgil -Thika-Mara-Konza to boost supply of electricity in the growing urban areas.
KenGen Managing Director, Peter Njenga says: “KenGen has a 10-year strategy that aims to increase the installed capacity by 1,500MW and 500MWh energy storage. We require $ 4.3 billion to fund the project pipeline and we are embracing innovative financing models.”
KenGen chairperson Alfred Agoi said Kenya is today recognized as the geothermal capital of Africa, accounting for nearly half of the continent’s installed geothermal capacity.
“Kenya has a duty to share expertise, build capacity across the region, and champion cross-border projects that deliver light, power, and opportunity to millions. That is why the Sustainable Energy Conference 2025 is not just about Kenya – it is about Africa, and it is about building global partnerships that accelerate a just and inclusive energy transition. Financiers must work with innovators; policymakers must engage with communities; and utilities must embrace technology,” said Agoi.