Standard Chartered issues first green guarantee for solar project in Oman

Business Tuesday 19/September/2023 18:24 PM
By: Times News Service
Standard Chartered issues first green guarantee for solar project in Oman

Muscat: Standard Chartered has announced the issuance of its first-ever green guarantee for China Energy Engineering Shanxi Electric Power Engineering Company (CEEC- SEPEC) in Oman. This ground-breaking initiative underscores the Bank’s and CEEC- SEPEC’s commitment to sustainable finance and supporting renewable energy projects globally and regionally.

The green guarantee provided by Standard Chartered is for a Solar project in Oman, where CEEC- SEPEC is the main EPC contractor. The project aims to develop and operate a state-of-the-art solar power plant, contributing to Oman's renewable energy targets and reducing carbon emissions. Standard Chartered’s guarantee not only demonstrates its confidence in CEEC- SEPEC's project but also reinforces its commitment to fostering a greener and more sustainable future.

 Commenting on this milestone, Hussain Al Yafai, CEO Standard Chartered Oman, said, "We are proud to play a vital role in facilitating sustainable development in Oman. By issuing the first green guarantee for CEEC- SEPEC 's renewable energy project, we are not only supporting the growth of the renewable energy sector but also aligning our efforts with Oman's vision of a more sustainable future. This partnership demonstrates our unwavering commitment to driving positive change and advancing the transition to clean energy."

On the collaboration, CEEC- SEPEC's Chairman Wang Xinping, stated, "We are pleased to have Standard Chartered as our trusted financial partner for this landmark project. This green guarantee is a testament to our shared commitment towards renewable energy development in Oman. With Standard Chartered’s support, we will accelerate the transition towards a low-carbon economy, contribute to Oman's sustainable development goals, and create a positive impact for the local community."

The issuance of the first green guarantee between Standard Chartered and CEEC- SEPEC represents a significant milestone in fostering the strong bilateral relationship between China and Oman. Both countries recognise the growing importance of collaboration and the exchange of expertise in various sectors, including finance, energy, and sustainable development. This partnership not only strengthens economic ties but also paves the way for future opportunities and reinforces the commitment of China and Oman to collaborate on fostering sustainable growth.