Breaking News: Dentons Guides Oman's First Green Sukuk!
On November 12, 2025, the global law firm Dentons announced its advisory role in a groundbreaking financial deal for Oman Electricity Transmission Company SAOC (OETC). This isn't just any deal; it's Oman's inaugural US Dollar Green Sukuk, a significant step toward sustainable financing.
Dentons provided crucial legal advice under US, English, and Oman law. They assisted OETC in establishing its Rule 144A and Reg S Global Medium-Term Note (GMTN) Programme, as well as a Trust Certificate Issuance (Sukuk) Programme. The initial phase involved a $750 million green trust certificate issuance, with a five-year term, under the Sukuk Programme, managed through Al Jawaher Assets Company SPC. The programmes were set up on June 11, 2025, with the pricing of the drawdown on October 22, 2025, and completion on October 29, 2025.
OETC, a key part of the Nama Group, is responsible for Oman's electricity transmission grid, covering the entire national transmission market. They play a critical role in powering communities, operating and maintaining 116 grid stations. This Green Sukuk aligns with OETC's Green Financing Framework and supports Oman's Net Zero goals and Oman Vision 2040.
Dentons' involvement builds on a long-standing relationship with OETC. They previously advised on three prior bond issuances, raising over $2 billion in total, in 2015, 2017, and 2021. In 2024, Dentons also supported Nama Electricity Distribution Company (NEDC), OETC’s sister company, with its dual GMTN and Sukuk programs, totaling $1.25 billion.
Ali Al-Reesi, OETC's CFO, praised Dentons' support, highlighting its instrumental role in the deal's success. Sadaf Buchanan, Dentons' Banking Partner in Muscat, emphasized the significance of the Green Sukuk, noting its impact on Oman's capital markets and the commitment to sustainable growth. This deal is a testament to the strong collaboration between Dentons, OETC, and Nama teams.
The Dentons team was led by key partners and associates from Oman, London, and San Francisco, bringing together a wealth of expertise in various legal fields.
But here's where it gets controversial... Green bonds and Sukuk are designed to fund environmentally friendly projects. However, the definition of 'green' can sometimes be debated. What do you think? Does this deal truly represent a significant step towards sustainability, or are there areas where more scrutiny is needed?
Want to know more?
- Key Contacts: [Omitted as per instructions]
- Related Practices, Sectors, and Business Issues: [Omitted as per instructions]
Let's discuss! Do you believe this is a positive development for Oman's financial landscape and its commitment to a sustainable future? Share your thoughts in the comments below!
