LONDON—Covington’s Project Development and Finance practice has been recognized at the PFI Awards 2023 for the team’s work on four groundbreaking transactions in the Middle East region.
Al Shuaibah 1 and Al Shuaibah 2 solar PV projects in Jeddah, Saudi Arabia have been named Global Green Deal of the Year. Covington advised ACWA Power-led consortium in connection with development and financing of both projects at a total investment of $2.37 billion.
Situated in Al Shuaibah in the Makkah Province, the Al Shuaibah PV 1 and Al Shuaibah PV 2 will have a capacity of 600 MW and 2,031 MW respectively, and are capable of powering approximately 450,000 households. Commercial operations will commence in 2025.
The Covington team was led by Agnieszka Klich and included Ursula Owczarkowski, Richard Oliver, Samya Idi, Azumah Cofie, and Jecolia Horn.
Project Wave has been named Sustainable Deal of the Year, Middle East and Africa. Covington Advised Orascom Construction and Metito on the successful financing of the $2.2 billion Project Wave in Abu Dhabi, which involves the development and financing of a US$2.2 billion large-scale seawater treatment and water transportation project.
The project comprises seawater intake and outfall facilities and a nanofiltration plant located near the Abu Dhabi coastal town of Mirfa together with an approximately 75km water transportation pipeline, a pumping station and in-field distribution systems to support reservoir pressure maintenance of the Bab and Bu Hasa onshore oil fields in Abu Dhabi.
The Covington team was led by Richard Keenan and Derek Kirton, and included James Marshall, Marc Norman, Ramy Ramadan, Christoph Schulz, Haykel Hajjaji, Sophie Albrighton, Chu Tong Ling, Jamie Tribe, and Cameron Busch.
Mirfa 2 has been named Infrastructure Deal of the Year, Middle East and Africa. Covington advised ENGIE in connection with the development and finance of USD$620 million low carbon Mirfa 2 IWP, one of the UAE's largest reverse osmosis desalination projects.
As the third largest reverse osmosis desalination plant in the UAE, Mirfa 2 will produce 120 million imperial gallons per day (MIGD) of water once fully operational, equating to roughly 550,000 cubic metres per day of potable water and sufficient to meet the water demand of up to 210,000 households in the Emirate of Abu Dhabi.
The Covington team was led by Agnieszka Klich and Florence Cock.
Neom has been named Social Infrastructure Deal of the Year, Middle East and Africa. Covington advised Tamasuk Holding Company, Al Majal Al Arabi Group Company, and Saudi Arabian Trading and Construction Company on the development and financing of two residential communities located at the NEOM smart-city, in Saudi Arabia.
The two residential communities form part of the first phase of NEOM's residential communities’ expansion, a social infrastructure project that will house the region’s growing workforce. At a value of over $5.5 billion, the project is one of the largest public-private partnerships for accommodation globally.
The core Covington team was led by Marc Norman, and included Richard Keenan, Derek Kirton, Christoph Schulz, Ramy Ramadan, and Jamie Tribe.
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