Standard Chartered, an international bank, has announced issuing its first-ever green guarantee for China Energy Engineering Shanxi Electric Power Engineering Company (CEEC-SEPEC) in Oman.
The statement said that 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,” said the note.
“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,” the bank said in a note.
Commenting on this milestone, Hussain al Yafai, CEO of 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.”
CEEC- SEPEC ‘s Chairman Wang Xinping, said, “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.”
This represents a significant milestone in fostering the strong bilateral relationship between China and Oman, said the note, and further added that both the countries recognise the growing importance of collaboration and the exchange of expertise in various sectors, including finance, energy, and sustainable development.
