SERV (Swiss Export Risk Insurance) insures the financing of a hydroelectric power plant for the African Benedictine Sisters in Tanzania. A Swiss engineering company and investor are engaged in this project as well.
The purpose of the “Tulila” project financing is to deliver a five-megawatt hydroelectric power plant to a firm in Tanzania managed by the African Benedictine Sisters. On the Swiss side, the project participants are the initiator Albert Koch from Einsiedeln and the ITECO engineering office based in Affoltern am Albis. In 2013 they founded a construction consortium to build the power plant.
Sustainable electricity supply
The objective of the project is to provide a reliable power supply for the remote Ruvuma region, connect additional households to the electricity grid and, to a large extent, to replace diesel-driven power generators. The power that is generated will be sold to Tanzania’s state-owned energy supplier, TANESCO, under a long-term electricity supply contract. This will generate long-term income which, after covering the operating costs of the power plant, will be used in full for the Benedictines’ charitable works. These include a kindergarten, schools with about 1,400 schoolchildren and an orphanage.