Covington Advises on Three Deals Recognized at PFI Awards 2020
February 4, 2021
DUBAI–Covington advised on three “Deals of the Year” recognized at the annual Project Finance International (PFI) Awards 2020.
The award-winning transactions are:
Middle East Water Deal of the Year - Jubail 3A
Covington advised ACWA Power Consortium on the $650 million IWP scheme, a 600,000 m³/day reverse osmosis greenfield independent water project Jubail 3A.
The project is the first to be awarded under the 7-Year Statement Plan of the Saudi Water Partnership Company, which aims to reduce the level of water stress in the Kingdom of Saudi Arabia through the development of an additional 5.5 m³/day of desalination capacity over 2019/2024. It will be one of the largest privately owned desalination plants in the world.
The Covington team was led by Agnieszka Klich.
Middle East Renewables Deal of the Year - DEWA 5
Covington has advised ACWA Power Consortium on phase V of the nearly 1 GW Mohammed bin Rashid Al Maktoum Solar Park in Dubai. This is one of the world's largest renewable projects which will use photovoltaic solar panels based on IPP model.
Covington team has advised on all of the five phases of the project and our continued engagement reflects our experience in renewable energy projects in the region. Phase IV of the project, which closed in March 2019 and was valued at $4.6 billion, was awarded the Middle East Power Deal of the Year (2019) by the PFI Awards.
The Covington team was led by Agnieszka Klich, and included Julie Scotto.
Middle East PPP Deal of the Year - Umm al-Hayman
Covington acted for the club of lenders (KfW-IPEX, Commercial Bank of Kuwait, Al Ahli Bank of Kuwait, Korea Development Bank, DZ Bank and Siemens Bank) on the financing of the circa $1.6 billion Umm al Hayman wastewater treatment plant in Kuwait, the first of its kind in the country and one of the largest PPP's in the Middle East.
Even though Kuwait enacted its new public private partnership (PPP) law in 2014, the project was notable for being the first major transaction to proceed under that law. In addition, the project utilized an unprecedented corporate structure for a project financing.
The Covington team was led by Robin Mizrahi and David Miles, and included Derek Kirton, Christoph Schulz, and Jamie Tribe.
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