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12 Nov 2025

Dentons Advises Oman Electricity Transmission Company on Inaugural US Dollar Green Sukuk

"Dentons advised Oman Electricity Transmission Company SAOC (OETC) on the concurrent establishment of Rule 144A/Reg S GMTN and Sukuk programmes and on an initial Rule 144A/Reg S US$750 million five-year green Sukuk issuance through Al Jawaher Assets Company SPC. Programmes were established 11 June 2025; the drawdown was priced 22 October and completed 29 October 2025."

Dentons advised Oman Electricity Transmission Company SAOC (OETC) on the concurrent establishment of its Rule 144A and Reg S Global Medium-Term Note (GMTN) Programme and Trust Certificate Issuance (Sukuk) Programme, and on the initial Rule 144A and Reg S drawdown of US$750 million of five-year green trust certificates issued under the Sukuk Programme through Al Jawaher Assets Company SPC. The two programmes were established on 11 June 2025. The initial green Sukuk drawdown was priced on 22 October 2025 and completed on 29 October 2025. The debut issuance was made pursuant to OETC’s Green Financing Framework and represents a milestone in supporting Oman’s Net Zero commitments and the broader objectives of Oman Vision 2040. As part of the Nama Group, OETC owns and operates Oman’s electricity transmission grid, covering 100% of the national transmission electricity market. The company operates and maintains 116 grid stations across the Main Interconnected System in the north and the Dhofar System in the south. Dentons has an established relationship with OETC, having advised on the company’s prior Rule 144A/Reg S bond issuances in 2015, 2017 and 2021 that together raised more than US$2 billion. Dentons’ cross-border teams also supported Nama Electricity Distribution Company (NEDC) in 2024 on its dual GMTN and Sukuk programmes and subsequent issuances, collectively worth US$1.25 billion. Dentons represented Oman Electricity Transmission Company SAOC (OETC) with a team composed by: Sadaf Buchanan (Partner, Banking, Muscat; co-lead), Cameron Half (Partner, Capital Markets and US Securities, London; co-lead), Pichrotanak Bunthan (Associate, US Securities), Tom Day (Associate, Debt Capital Markets), Miriam Babarinde (Associate, Debt Capital Markets), Naomi Scheyerle (Paralegal), Tania Karda (Paralegal), Victor Marchan (Paralegal), Yasser Taqi (Partner, Oman), Riza Ismail (Counsel, Oman) and Aneela Khan (Associate, Oman). US tax advice was provided by Linda Pfatteicher (Partner, San Francisco).
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