DUBAI—IJ Global has named Covington its Middle East and North Africa Legal Advisor of the Year. During 2021, the Covington MENA team closed 15 project finance and development projects in the Middle East with a cumulative value of more than $20 billion.
IJGlobal highlighted three Covington transactions in its article:
Covington advised a six-member consortium of equity investors on the development and financing of the $1.3 billion Warsan Waste-to-Energy project, which will be one of the largest such facilities in the world. Warsan, an integral part of Dubai's Clean Energy Strategy 2050 and waste management goal of zero land filling by 2030, is seen as a watershed deal for the growth of the public-private partnership (PPP) sector in Dubai, the UAE and the wider Middle East region. The Covington team was led by Richard Keenan.
- Umm al-Hayman Wastewater Treatment Plant
Covington acted for the club of lenders on the financing of the $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. The project was notable for being the first major transaction to proceed under Kuwait’s 2014 PPP law. The project utilized an unprecedented and innovative 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.
- Jazan Air Separation Unit, Gasification, and Power Joint Venture
Covington advised a joint venture 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, serving 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.
The IJGlobal awards celebrate the “best-in-class transactions and organisations across the international infrastructure and energy sectors.” The winners are selected through a transparent peer-review process by leading industry experts.
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