Standard Chartered issues first green guarantee for solar project in Oman

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-