Seven Covington Transactions Commended at IJGlobal Awards 2023

Seven Covington Transactions Commended at IJGlobal Awards 2023

April 30, 2024

DUBAI-Seven Covington transactions in Saudi Arabia and Abu Dhabi have been awarded Deal of the Year at the IJGlobal Awards 2023. The recognized deals span the power and water, utilities, waste, and technology industries, and follow recognition of three Covington transactions by IJGlobal the previous year.

The seven award-winning transactions include:

Sustainability-Linked Deal of the Year (MENA) - Al Shuaibah PV 1 and Al Shuaibah PV 2 Solar Project, Saudi Arabia

Covington advised an ACWA Power-led consortium in connection with the development and financing of the 2.6GW Al Shuaibah 1 and Al Shuaibah 2 solar PV projects at a total investment of $2.37 billion in Jeddah, Saudi Arabia. Situated in Al Shuaibah in the Makkah Province, 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.

The Covington team was led by Agnieszka Klich and included Ursula Owczarkowski, Richard Oliver, Samya Idi, Azumah Cofie, and Jecolia Horn.

Desalination Deal of the Year (MENA) - Mirfa 2 IWP Project, Saudi Arabia

Covington advised ENGIE in connection with the development and finance of USD$620 million low carbon Mirfa 2 IWP, the UAE's third largest reverse osmosis desalination plant. Mirfa 2 will produce 120 million imperial gallons per day (MIGD) of water once fully operational, equating to roughly 550,000 cubic meters of potable water to meet the water demand of up to 210,000 households. The Mirfa 2 project will leverage highly efficient RO desalination, which is up to six times more efficient than traditional thermal desalination. The technology also enables plant operators to reduce carbon emissions by decoupling of water and power generation processes and enhancing production efficiency.

The Covington team was led by partner Agnieszka Klich and associate Florence Cock.

Waste Deal of the Year (MENA) - ADNOC Refining Hazardous Waste Management Business, Abu Dhabi - Magma Hazardous Waste Treatment

Covington guided a consortium including Vision Invest and Veolia through a complex auction process of two hazardous waste plants in the Emirate of Abu Dhabi, purchased from ADNOC Refining. The assets include an industrial hazardous waste treatment plant (BeAAT) and a naturally occurring radioactive waste (NORM) Plant. The facilities treat industrial waste generated by a range of ADNOC-related businesses and other customers in the oil and gas extraction and refining processes and will continue to perform this role, as well as the processing and treatment of industrial waste generated by customers in other sectors.

The Covington team was led by Dubai-based partners Derek Kirton and Rupert Harper.

Water Deal of the Year (MENA) - Project Wave, Abu Dhabi

Covington advised Orascom Construction and Metito on the successful financing of the $2.2 billion Project Wave in Abu Dhabi. The project involves the development of a large-scale seawater treatment and water transportation project, which 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 included Derek Kirton, Marc Norman, Ramy Ramadan, Christoph Schulz, Jamie Tribe, Cameron Busch, and Neisha Joseph.

PPP Deal of the Year - Street Lighting (MENA) - Noor 2 Street Lighting, Abu Dhabi

Covington advised the sponsor consortium of ENGIE and Electricite de France (EDF) in relation to the development and financing of the approximately $79 million Noor 2 Street Lighting Project in Abu Dhabi, United Arab Emirates (UAE). This public private partnership is part of the Abu Dhabi Road Lighting Programme and delivers phase 2 of the Road Lighting LED project, which involves the financing, supply, installation, operation, and maintenance of 133,473 LED energy-efficient luminaries. As part of the UAE's drive towards its Net Zero target, these luminaires will contribute to electricity savings of 2,400 million kWh, equivalent to a reduction of approximately 74% in power consumption over a twelve-year concession period.

The Covington team was led by partner Agnieszka Klich and included Azumah Cofie and Samya Idi.

Middle East Mega Solar Award (MENA) - ACWA Power - PIF Round 3 Solar PV IPPs, Saudi Arabia

Covington advised ACWA Power on the development of three 4.5GW solar projects known as AR RAAS 2, AL KAHFAH, and SA'AD 2 in the Kingdom of Saudi Arabia. The projects are owned by the Water and Electricity Holding Company (Badeel), a wholly owned company of the Public Investment Fund (PIF), and ACWA Power, with the Saudi Power Procurement Company (SPPC) as their off-taker. The solar projects are part of the National Renewable Energy Program (NREP).

The Covington team was led by Agnieszka Klich and included Ursula Owczarkowski, Samya Idi, Florence Cock and Azumah Cofie.

Alternative Infrastructure Award (MENA) - Neom Residential Communities, Saudi Arabia

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 Covington team was led by Marc Norman and included Richard Keenan, Derek Kirton, Christoph Schulz, Ramy Ramadan, Neisha Joseph, and Jamie Tribe.

The IJGlobal awards celebrate the "best-in-class transactions and organisations across the international infrastructure and energy sectors." The winners are selected through a transparent peer-review process by leading industry experts.

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