LONDON—Covington advised on four “Deals of the Year” recognized at the annual Project Finance International (PFI) Awards 2021, including its Global Deal of the Year.
The award-winning transactions are:
Global Deal of the Year - Jazan
Covington advised the joint venture comprising ACWA Power, Saudi Aramco, Air Products, and Air Products Qudra on the asset acquisition and financial close of project financing for the $12 billion air separation unit, gasification, and power joint venture in Jazan Economic City, Saudi Arabia.
The IGCC plant is the world’s largest facility of its kind. The joint venture serves Saudi Aramco’s Jazan Refinery, which processes 400,000 barrels per day of crude oil to produce ultra-light sulfur diesel, gasoline and other products.
The Covington team was led by Agnieszka Klich, Robin Mizrahi and Gregor Frizzell.
Middle East and Africa Deal of the Year - Warsan
Covington advised a six-member consortium of equity investors on the development and financing of the circa $1.3 billion Warsan WtE project, the first of its kind in Dubai and one of the largest waste-to-energy facilities in the world, once completed.
Warsan, which is an integral part of Dubai's Clean Energy Strategy 2050 and its waste management goal of zero land filling by 2030, is likely to be seen as a watershed deal for the growth of the PPP sector in Dubai, the UAE and the wider Middle East region.
The Covington team was led by Richard Keenan.
Middle East and Africa PPP Deal of the Year – Yanbu 4
Covington represented the successful bidder, an Engie-led consortium, on the ongoing financing of the Yanbu IWP project, a greenfield reverse osmosis seawater desalination plant in Saudi Arabia.
Yanbu is the Kingdom of Saudi Arabia’s first seawater reverse osmosis desalination plant developed using clean energy under the public-private-partnership (PPP) structure. It is set to achieve one of the most competitive specific power consumption levels in the Kingdom.
The plant, with a capacity of 450,000 m3/day and storage facilities for two operational days, will be built at a cost of 3.1 Billion SAR and will contribute 1.5 Billion SAR to Saudi Arabia’s GDP.
The Covington team was led by Agnieszka Klich.
Middle East and Africa Central Asian Deal of the Year – Sirdarya 1
Covington advised ACWA Power acting for the project company, ACWA Power Sirdarya LLC (owned by ACWA Power), on the development, construction and operation of a 1500 MW Combined Cycle Gas-Turbine (CCGT) power plant in Uzbekistan.
The project will provide cleaner, more efficient, and cost-competitive gas power that can be utilized across industries in Uzbekistan and is expected to meet 15 per cent of power demand in Uzbekistan and comprise 8 per cent of installed power capacity when complete.
Located in Shirin City of the Sirdarya region, the CCGT plant’s efficiency rate will be in excess of 60% - saving almost twice the natural gas currently used for electricity production.
The Covington team was led by Agnieszka Klich.
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