LONDON—Covington’s Project Development and Finance practice has been recognized at the PFI Awards 2025 for the team’s work on landmark transactions around the world.
ACWA Power's 1 GW Sazagan 1 & 2 Solar PV and BESS projects in Uzbekistan, comprising two 500 MW solar plants and 668 MWh of battery storage, along with transmission lines and supporting infrastructure were recognized as Central Asia Deal of the Year. Co-financed by lenders like the JBIC, EBRD and ADB, these projects are expected power around 600,000 households and offset about 1.3 million tons of carbon dioxide emissions annually. Covington advised ACWA Power on the development, financing, construction, and operation and maintenance arrangements for this project.
The Covington team included Agnieszka Klich, Richard Oliver, Jecolia Horn, Georgia Ling, and Nitin Banerjee.
A consortium led by ACWA Power, along with the Water and Electricity Holding Company (Badeel, a PIF company) and Saudi Aramco Power Company (SAPCO, an Aramco subsidiary), has been awarded Global Power Deal of the Year for financing seven giga-scale renewable energy projects in Saudi Arabia. Developed under the Kingdom’s National Renewable Energy Program (NREP), the portfolio comprises five solar photovoltaic (PV) plants and two wind projects, delivering a combined capacity of 15,000 MW and representing a total investment of approximately $8.2 billion. Covington represented a sponsor consortium led by ACWA Power.
The Covington team included Agnieszka Klich, Georgia Ling, Jecolia Horn, Nitin Banerjee, and Bryher Rose.
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