OETC Achieves
Major Milestone with Successful RO 288.5 Million 5-Year Green Sukuk Issuance

Muscat, 23 Oct
(ONA) — Oman Electricity Transmission Company (OETC), the sole owner and
operator of Oman’s electricity transmission network and a key subsidiary of
Nama Group, today announced the successful pricing and issuance of its
inaugural RO 288.5 million ($750 million) 5-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”.

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Ends/Khalid