Muscat – Oman Electricity Transmission Company (OETC), a Nama Group subsidiary and the sole
operator of the Sultanate’s power transmission network, has successfully priced and issued its
first RO288.5mn ($750mn) five-year Green Sukuk under its Green Financing Framework.
This landmark transaction marks OETC as the first company to issue a Green Sukuk in the
Sultanate of Oman, representing a major milestone in the country’s sustainable finance
journey and demonstrating strong commitment to advancing the objectives of Oman Vision
2040.
The Green Sukuk achieved exceptional investor demand, with the offering being 2.8x times
oversubscribed. This overwhelming response from regional and international investors
reflects the strong confidence in OETC’s strategic role in Oman’s power sector, its solid credit
fundamentals supported by ratings of Ba1 (stable) by Moody’s and BB+ (stable) by Fitch, and
the company’s well-established sustainability credentials.
The transaction aligns directly with Oman Vision 2040’s strategic priorities of economic
diversification, environmental sustainability, and transition towards a low-carbon economy.
The issuance supports the national target of achieving 30% renewable energy penetration by
2030 and contributes to Oman’s commitment to reach Net Zero carbon emissions by 2050.
The proceeds will be used exclusively to finance and refinance eligible green projects,
including renewable energy interconnection infrastructure, grid modernization, energy
efficiency initiatives, and transmission system enhancements that enable the integration of
clean energy into the national grid.
The transaction was successfully executed by a strong banking syndicate. Citi, J.P. Morgan,
and Standard Chartered Bank acted as Joint Global Coordinators, while Abu Dhabi
Commercial Bank, Bank ABC, Bank Muscat, Crédit Agricole CIB, Citi, Dubai Islamic Bank,
J.P. Morgan, Mashreq, Oman Investment Bank, and Standard Chartered Bank served as Joint
Lead Managers and Bookrunners. The banking group played a pivotal role in structuring the
transaction and organizing a comprehensive series of investor meetings that generated strong
interest across diverse investor segments.
Commenting on the successful issuance, Eng. Hisham Abdullah Al Riyami, Acting Chief
Executive Officer of OETC, stated: “The Green Sukuk marks an important milestone in
OETC’s journey toward building a more resilient and sustainable electricity network for
Oman. Through this issuance, we reaffirm our commitment to supporting the national energy
transition by integrating more renewable energy into the grid alongside enhancing
transmission efficiency. The strong investor response demonstrates trust in OETC’s long-
term strategy and Oman’s stable economic environment”.