SGCC Completes 49 Percent Equity Acquisition of OETC
MUSCAT, Oman, March 16, 2020 /PRNewswire/ -- State Grid Corporation of China (SGCC) has completed the 49% equity acquisition of Oman Electricity Transmission Company OETC together with seller Nama Group on March 11 in Muscat, Oman.
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.
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.
Since 2008, SGCC has successively acquired stakes in the Philippines (NGCP, 40%), Portugal (REN, 25%), Australia (46.56% of ElectraNet, 60% of SGSPAA and 19.9% of AusNet), Hong Kong SAR (HKEI, 21%), Italy (CDP Reti, 35%), Brazil (CPFL, nearly 85%), Greece (IPTO, 24%) and Oman (OETC, 49%).
SGCC has won multiple greenfield investment bids, including the Teles Pires transmission lines and the Belo Monte Hydropower UHV transmission project. All of SGCC's projects overseas that total USD 65 billion in value is operating smoothly with excellent performance. The company also emphasizes growing the capacity of overseas assets and promoting sustainable development of investment companies.
Since becoming a shareholder in the NGCP project in the Philippines, SGCC has actively shared advanced power grid technologies and management experience with the local partner to improve operations, power quality and reliability continuously. Guaranteeing a safe and reliable power supply for the economic development of the Philippines.
SGCC has also supported NGCP in fighting natural disasters and has sent multiple batches of experts to provide advices on restoration works while enhancing disaster prevention and resilience of NGCP power assets.
In Brazil, SGCC has led the CPFL company to improve quality and efficiency, winning multiple awards that recognized CPFL as the "Best National Distributor" and the 2017 Brazil Reputation Dividend Report "Reputation 1st place of Energy Enterprises" (2017). CPFL also received the IASC Award (Aneel Consumer Satisfaction Index) (2018). The Belo Monte UHVDC Phase II (XRTE) by State Grid Brazil Holding (SGBH) was awarded the 2019 Benchmarking Brazil's Best Social Environment Management Project for its practical environmental protection work. Meanwhile, the Teles Pires Transmission Phase II Project was completed two and a half years in advance and received commendatory letter issued by ONS Brazil.
In Australia, the SGSPAA Northern Gas Pipeline Phase I Project was presented the "Best Customer Innovation Award" and became one of the 2019 International Edison Award Finalists for its Power Changers project, and an AusNet Services project that is providing an insight into how new energy technologies may be used to improve the security, reliability and affordability of electricity for communities in the future was named a joint winner of the Clean Energy Council's Innovation Award.
In Portugal, REN was named "Most Attractive Employer" for its good business performance and corporate image. In the meantime, SGCC fulfils its corporate social responsibilities by supporting local education, cultural and sports and poverty alleviation undertakings, and thrives to achieve the comprehensive development that integrates the economy, society, people's livelihood and environment in the countries and regions through public welfare projects.
SGBH has supported more than 450 public welfare programs in Brazil, including the ancient Valongo Wharf Archaeological Site in Rio de Janeiro and the Maré do Amanhã Orchestra project. The latter has successfully trained more than 6,000 teenagers and received "TheBest Management Practice of Social Responsibility Award" from United Nations Global Compact.
In the Philippines, SGCC has supported NGCP to make significant contributions to student aid programs, community development, disaster resistance and alleviation and environmental protection. The "Brighten Up" project was the first major corporate social responsibility project in the Philippines carried out by a Chinese company, and it provided electricity to two villages located in remote areas.
For more information, please visit: www.sgcc.com.cn
About SGCC
Established in 2002, SGCC is a state-owned company that takes the investment, construction and operation of power grids as core business. Committed to re-electrification and energy connectivity, meeting the power demand with clean and green alternatives, SGCC supplies power to over 1.1 billion population in 26 provinces, autonomous regions and municipalities, covering 88% of Chinese national territory.
As the largest public utility in the world, with a registered capital of 829.5 billion RMB and total overseas assets of USD 65 billion.
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