PR83312

MUSCAT, Oman, March 16, 2020 /PRNewswire=KYODO JBN/ --

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.

SOURCE SGCC