By: AGBI

State-owned Oman Electricity Transmission Company has raised $750 million through a green sukuk issuance to fund its renewable energy projects.

The five-year sukuk, which was three times oversubscribed, attracted several local and global banks, as well as financial institutions. No names were disclosed.

JPMorgan and Standard Chartered Bank acted as joint global coordinators. Abu Dhabi Commercial Bank, Bank Muscat, Dubai Islamic Bank and Credit Agricole CIB were joint lead managers, the OETC said.

OETC is a subsidiary of Nama Group, sole owner and operator of Oman’s electricity transmission network. 

“This sukuk raised funds for the national energy transition by integrating more renewable energy into the grid enhancing transmission efficiency,” Hisham Abdullah Al Riyami, acting chief executive officer of OETC said in a statement.

Nama Group has signed a series of agreements with various companies in alternative energy over the last two years to reduce its dependency on fossil fuels.

Last month, they awarded a $400 million solar power project to a consortium led by Abu Dhabi’s Masdar.

The sultanate has set a target to reach net zero gas emissions by 2050. It also aims to produce 30 percent of its electricity using renewable sources by 2030.