Covington Recognized for Project Finance Deal of the Year at 2026 IFLR Middle East Awards

DUBAI—Covington was recognized for its role in Project Finance Deal of the Year at the 2026 International Financial Law Review Middle East Awards, which honors law firms who have excelled in the most innovative and complex areas of capital markets, mergers and acquisitions, private equity, restructuring and more.

Clients come to Covington to solve complex, first-of-a-kind projects at the forefront of the energy transition, where new business and financing models need to be developed – and where regulatory underpinnings likely need to be adjusted or otherwise newly implemented. 

Project Finance Deal of the Year: ACWA Power / Badeel / SAPCO 15GW renewable portfolio

Covington represented a sponsor consortium led by ACWA Power, together with Badeel (a Public Investment Fund company) and Saudi Aramco Power Company, on the development and financing of seven wind and solar energy projects in Saudi Arabia known as Wave 5 and Wave 6. The financings exceeded US$6 billion and support 15,000MW of renewable energy capacity under Saudi Arabia's National Renewable Energy Programme.