China’s State Grid Corp completes 49pc equity acquisition of OETC

The State Grid Corporation of China (SGCC), one of the largest public utilities in the world, has completed the 49 per cent equity acquisition of Oman Electricity Transmission Company (OETC) together with seller Nama Group.

As a technical partner, SGCC will make use of its technologies and experience in grid operations management with its local partners in the region to continue improving the operational safety and distribution capacity of the country’s electric grid.

“Committed to becoming a long-term and stable international investor in the industry that upholds sustainable development strategies, SGCC always insists on long-term, local and market-oriented operations,” said the Chinese state-owned giant in a press statement.

“Through advanced power transmission technologies, management experience and strong brand, SGCC seeks to fulfil its social responsibilities to accomplish with better results. In its approach to international stock assets acquisition in the overseas power and energy sector, greenfield development projects and asset operation management, SGCC follows the principles of equality and mutual growth,” it stated.

Established in 2002, SGCC takes the investment, construction and operation of power grids as its core business. SGCC supplies power to over 1.1 billion population in 26 provinces, autonomous regions and municipalities, covering 88 per cent of Chinese national territory. It is also the largest public utility in the world, with a registered capital of 829.5 billion RMB and total overseas assets of $65 billion.

Since 2008, SGCC has successively acquired stakes in the Philippines (NGCP, 40 per cent), Portugal (REN, 25 per cent), Australia (46.56 per cent of ElectraNet, 60 per cent of SGSPAA and 19.9 per cent of AusNet), Hong Kong SAR (HKEI, 21 per cent), Italy (CDP Reti, 35 per cent), Brazil (CPFL, nearly 85 per cent), Greece (IPTO, 24 per cent) and Oman (OETC, 49 per cent).