Tanzanian firm Raddy Energy Solution Limited has signed an agreement to procure four gas turbines worth $320 million from Sweden’s Siemens Energy, in a move expected to add 177 megawatts to the national power grid and strengthen electricity reliability.
The high-capacity turbines will be shipped to Tanzania and commissioned by the end of 2027. The transaction has been facilitated by CRDB Bank as the local financial partner, working alongside several Swedish government-backed financial institutions.
Raddy Energy is a sister company to Raddy Fiber Manufacturing, based in Mkuranga, Coast Region.
Under the arrangement, CRDB Bank will collaborate with Sweden’s Export Credit Agency (EKN), Swedish Export Credit Corporation (SEK), Swedish Development Finance Institution (Swedfund), the Swedish International Development Agency (Sida), and the Swedish Export and Investment Agency (Business Sweden) to complete the procurement.
The International Council of Swedish Industry (NIR) will also serve as part of the advisory team supporting the acquisition.
