The Kenya Electricity Generating Company shares climbed to a record high of Sh10.45 on Friday after the utility welcomed Maxim Agri & Samakgro as the fifth investor at its Green Energy Park.
This signals growing investor confidence in the company's green industrialisation strategy.
The stock has gained 13.8 per cent since the beginning of the year, rising from Sh9.18, making it the 30th best-performing counter on the Nairobi Securities Exchange in 2026.
Over the past four weeks alone, the stock has returned about 15 per cent, ranking among the exchange's top-performing shares.
The rally has also been supported by KenGen's strong financial performance. For the year ended June 2025, the company posted a 40 per cent jump in net profit to about Sh8.8 billion, driven by higher electricity sales, geothermal generation and foreign exchange gains.
Investors were rewarded with a final dividend of Sh0.40 per share, bringing the total payout to Sh0.70 per share, one of the company's highest returns in recent years.
The latest investment at the Green Energy Park will see Maxim Agri & Samakgro use 3MW of renewable energy to establish an 8-metric-ton-per-hour fish feed manufacturing plant valued at approximately Sh510 million.
The facility is expected to boost local fish feed production and support Kenya's expanding aquaculture industry.
KenGen managing director Peter Njenga said Maxim Agri & Samakgro is the second investor to join the park this year, bringing the total number of investors to five.
"This signifies the growing appeal of the KenGen Green Energy Park as a hub for industries seeking to harness affordable and sustainable green energy to support their expansion," he said.
He added that the investment reinforces Kenya's push towards green industrialisation and demonstrates increasing demand for reliable and affordable renewable energy for manufacturing.
Maxim Agri director Joachim Westerveld expressed confidence in the partnership, saying it will support the company's expansion plans while promoting sustainable production.
Other investors already operating at the park include the Konza Technopolis Development Authority, Eco-cloud, Kaishan Group, Aquilastar Corporate Investment Company and Synergetic Development Group.
Meanwhile, the Central Bank of Kenya reported that the country's foreign exchange reserves remained strong at Sh1.83 trillion, equivalent to six months of import cover as of July 16, comfortably above the statutory minimum of four months.
Diaspora remittances fell to Sh48.6 billion in June from Sh51.0 billion in May, while annual inflows eased 2.4 per cent to Sh641.5 billion.
Government securities continued attracting strong demand.
The latest Treasury bill auction received bids worth Sh44 billion against an offer of Sh28 billion, reflecting a 157.3 per cent subscription, while the NSE's main share indices posted weekly gains despite lower trading activity.
