- Mazoon Electricity becomes first Omani company to publish its own sustainable finance framework in line with Oman Vision 2040.
Muscat: Mazoon Electricity Company, member of Nama Group, has published its Sustainable Finance Framework. This framework marks the next step in the company’s ESG (Environmental, Social and Governance) journey in supporting Oman Vision 2040, through its strategic purpose of lighting and enriching life through safe, reliable, and sustainable electricity. Standard Chartered Bank supported Mazoon Electricity on the development of its framework as the company’s sole sustainability structuring advisor.
Under the overarching framework, Mazoon Electricity will be able to access green, social or sustainability bonds, sukuk, loans and other debt instruments through the sustainable finance market. The framework has been designed to fully comply with the International Capital Market Association’s Green and Social Bond Principles, as well as the Sustainability Bond Guidelines, and the Loan Market Association’s Green and Social Loan Principles. DNV, one of the world’s leading certification bodies, provided an independent assessment confirming that the framework was in line with these principles.
Projects financed under the framework will support Mazoon Electricity’s sustainability agenda. Eligible activities range from improving energy efficiency through installation of smart meters, supporting the growth of clean energy by connecting renewable energy generation infrastructure, and supporting socioeconomic development by providing electricity distribution infrastructure to those without previous access to electricity.
Salim Said Al Kamyani, CEO, Mazoon Electricity said, “We are delighted to have published our Sustainable Finance Framework and Second Party Opinion from DNV, making us the first Omani company to do so. This is testament to Mazoon Electricity’s mission towards delivering the sustainability agenda of the Sultanate and the strategic goals of Vision 2040.”
Ahmed Tufail Al Rahman, CFO, Nama Group said, “Mazoon Electricity becoming the first company in Oman to publish a Sustainable Finance Framework is testament to Nama Group’s commitment to sustainability. Sustainable finance is key to meeting Nama Group’s Vision and ESG agenda, including its Sustainability Plan and Strategy for Renewable Energy.”
Hussain Yafai, CEO of Standard Chartered Bank, Oman said, “Standard Chartered is proud to support Mazoon Electricity in becoming the first Omani company to publish its Sustainable Finance Framework. As a bank, we are committed to supporting our clients across our dynamic footprint in achieving their ESG goals, as we ourselves look to become Net Zero from our financing activities by 2050.”
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Mazoon Electricity Company
Mazoon Electricity Company SAOC (MZEC), member of Nama Group, is a closed Omani joint stock company registered under the Commercial Companies Law of Oman. The company is primarily undertaking regulated distribution and supply of electricity in Al Dakhiliya, South Al Sharqiya, North Al Sharqiya, South Batinah governorates and Suwaiq in North Batinah governorate under a license issued by the Authority of Public Services Regulation, Oman (Previously known as Authority Electricity Regulation – AER). The establishment and operations of the company are governed by the provisions of the Law for Regulation and Privatisation of the Electricity and Related Water Sector (the Sector Law) promulgated by the Royal Decree 78/2004.
