Covington Recognized for Advising on Winning Mandate at the PFI Awards 2022

LONDON—Covington’s Project Development and Finance practice has been recognized at the PFI Awards 2022 for the team’s work on the development and financing of the utilities infrastructure for the $1.5 bn Red Sea Gigacity, which won “Middle East and Africa Utility Deal of the Year".

Covington advised a sponsor consortium led by ACWA Power in relation to the development and financing of the $1.5 billion Red Sea Gigacity Utilities Infrastructure Project in Saudi Arabia, which consists of eight different infrastructure systems.

ACWA Power had been selected by The Red Sea Development Company (TRSDC), the developer behind the Red Sea Project, to design, build, operate and transfer the Red Sea Project’s utilities infrastructure, which relies entirely on renewable energy for power generation, water production, wastewater treatment, waste management and district cooling.

The Covington team was led by Agnieszka Klich and included Robin Mizrahi, Ursula Owczarkowski, Richard Oliver, Jecolia Horn, and Florence Cock.

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