LONDON— Five Covington transactions were recognized at the IJ Global Awards. The firm was also named Middle East and North Africa Legal Advisor of the Year for its work closing 15 project finance and development projects in the Middle East with a cumulative value of more than $20 billion.
The IJ Global Awards “celebrate the success of the best-in-class transactions and organisations across the globe.” Winners are selected through a transparent peer-review process by leading industry experts.
Covington’s 2021 IJ Global Awards highlights announced over the course of 2022 include:
MENA Export Finance Deal of the Year – Warsan Waste to Energy Dubai
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.
MENA Hybrid Energy Deal of the Year – Jazan Integrated Gasification & Power Company
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.
MENA Renewables Deal of the Year – Sudair Solar PV IPP
Covington advised ACWA Power in connection with the financing of the 1.5GW Sudair Solar PV plant in Saudi Arabia. Sudair Solar PV is poised to become one of the largest single-contracted solar PV plants in the world and the largest of its kind in Saudi Arabia at an installed capacity of circa 1,500MW. The Covington team was led by Agnieszka Klich.
Africa Renewables Deal of the Year – Redstone
Covington advised sponsors of the largest renewable energy investment in South Africa to date - Redstone Concentrated Solar Power Project - including ACWA Power, Central Energy Fund, Pele Green Energy, and a local community trust. At ZAR 11.6 billion total investment, the Redstone plant will be equipped with a 12-hour thermal storage system delivering clean and reliable electricity to nearly 200,000 households. In addition to efficiently delivering clean energy to the national grid, the Redstone project will also offer tangible socioeconomic value through offering job opportunities and utilizing local supply chains. The Covington team was led by Agnieszka Klich
APAC Primary Financing Deal of the Year – Shirin CCGT Power Plant IPP
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 1,500 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 utilised across industries in Uzbekistan and is expected to meet 15 % of power demand in Uzbekistan and comprise 8% 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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