Dentons advises Oman Electricity Transmission Company on Oman's first US Dollar Green Sukuk

Muscat-Cross-border teams from global law firm Dentons have provided US, English and Oman law advice to Oman Electricity Transmission Company SAOC (OETC) on concurrent establishment of its Rule 144A and Reg S Global Medium-Term Note (GMTN) Programme and Trust Certificate Issuance (Sukuk) Programme and an initial Rule 144A and Reg S drawdown of US$750 million green trust certificates for a five-year tenor under the Sukuk Programme through Al Jawaher Assets Company SPC. Both programmes were established on 11 June 2025, while the drawdown was priced on 22 October 2025 and completed on 29 October 2025.

As part of the Nama Group, OETC owns and operates Oman's electricity transmission grid system, covering 100% of the national transmission electricity market. The company plays a vital role in powering communities across the Sultanate, operating and maintaining 116 grid stations across the Main Interconnected System in the north and the Dhofar System in the south.

This debut Green Sukuk was issued pursuant to OETC's Green Financing Framework and also marks a significant milestone in supporting Oman's Net Zero commitments and broader Oman Vision 2040 objectives.

Dentons' involvement builds on a long-standing partnership with OETC, having advised the company on all three of its prior Rule 144A/Regulation S bond issuances, raising more than US$2 billion in aggregate, in 2015, 2017 and 2021. In 2024, Dentons' cross-border teams also supported Nama Electricity Distribution Company (NEDC) - OETC's sister company - on its own dual GMTN and Sukuk programmes and subsequent issuances, collectively worth US$1.25 billion.

Ali Al-Reesi, the CFO of OETC, commented: "We thank the Dentons team for their unwavering support. Their dedication and efforts were instrumental in ensuring a successful conclusion."

Dentons Banking Partner in Muscat, Sadaf Buchanan, who also co-led the Dentons team, commented: "It's been a privilege to support OETC on such a groundbreaking and purpose-driven transaction. This Green Sukuk not only sets a new benchmark for Oman's capital markets but also reinforces OETC's and Nama Group's commitment to sustainable growth and clean energy transformation. We value the strong working collaboration with the outstanding OETC and Nama teams."

The Dentons team was led by Oman partner Sadaf Buchanan and London capital markets and US securities partner Cameron Half. The London team included US securities associate Pichrotanak Bunthan, debt capital markets associates Tom Day and Miriam Babarinde, and paralegals Naomi Scheyerle, Tania Karda and Victor Marchan. The Oman team included partner Yasser Taqi, counsel Riza Ismail and associate Aneela Khan. US tax advice was provided by San Francisco-based partner Linda Pfatteicher.

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